The price of gold rose to a record last year when the Covid pandemic encouraged people to flee to safe havens

Veteran investor and founder of Mobius Capital Partners, Mark Mobius, said investors should try to keep 10% of a portfolio in gold as he expects currencies to devalue after the unprecedented incentives to fight the Covid pandemic / p>

At this point, “10% should be put into physical gold,” Mobius said in an interview with Bloomberg, adding that global currency depreciation next year will be quite significant given the incredible amount of money that has been printed.

“It will be very, very good to have physical gold that you can access immediately without the government confiscating all of the gold,” Mobius, a long-time fan of the metal, said of the Interaction.

The gold price has moved away from its recent highs but is still hovering near the $ 1,800 / ounce level. Spot bars, trading at $ 1,816.16 an ounce, hit a record high of over $ 2,075 about a year ago. In 2021 (year-to-date) it lost more than 4%.

Meanwhile, gold and silver prices fell in India today amid a stronger rupee, despite positive global signals. In global markets, gold prices rose to nearly a month-long high today after Federal Reserve Chairman Jerome Powell stopped giving clear guidance on the timetable for reducing economic support at the Jackson Hole Economic Conference on Friday.

Markets are waiting to see Jerome Powell balance heightened inflation and recovery from the pandemic with the risk of a strain of delta virus making economic reopening difficult.

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Ref: https://www.livemint.com