The Comptoir de l'Or, which buys and sells gold and other precious metals, noted a 47% increase in transactions in the first quarter of 2024. This is likely due to geopolitical tensions, according to its CEO.
The Comptoir de l'Or operates 48 offices across Belgium and says people are selling their gold at such an accelerated rate because the metal has jumped in value (by 10.7% in just three months). One ounce of gold is now worth $2,234 (approximately €66,610 per kilogram).
Similarly, the value of silver increased by 7.2% in the first quarter and is now worth $25.98 per ounce, or €743 per kilogram.
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Rising economic and geopolitical tensions across the globe have contributed to these hikes. In the context of declining inflation, lower interest rates in the US and war in Ukraine and the Middle East have pushed investors towards viewing gold as a safe bet for the time being.
Private individuals in possession of gold are being encouraged to take advantage of high prices and sell now. Comptoir de l'Or CEO Johan de Ruiter told l'Echo that these prices are likely to continue rising.
