German private investors stock up on gold

Zurich The price of gold is weakening: on Friday the price of the precious metal was down around 1.8 percent at $1,640 per troy ounce (around 31.1 grams). The price fell to its lowest level since April 2020. Alexander Zumpfe, trader at precious metals specialist Heraeus said: “The recent interest rate hike by the US Federal Reserve and the high dollar exchange rate have spoiled the mood of gold investors.”

However, this does not apply to German private investors: In view of the war in Ukraine and rapidly rising energy prices, they stock up on gold. Traders and precious metals experts have been observing a sharp rise in demand for bars and coins for months. Önder Çiftçi, founder and managing director of retailer Ophirum, says that small units are particularly in demand: “All bars from one to one troy ounce (around 31.1 grams) are currently experiencing higher demand, both in our local branches and in online sales .”