Google searches for ‘how to buy gold’ hit record levels in April as prices trade at $2,000 – by Anna Golubova (Kitco News – April 25, 2023)

(Kitco News) With gold rallying to near all-time highs in April, Google searches for “how to buy gold” soared to record levels in the U.S., according to Google Trends data going back almost 20 years ago. The phrase hit record-high popularity this month. The search inquiry was not even that high when gold hit new records of above $2,050 an ounce in 2020.

And the last time interest was this widespread in the U.S. was in August 2011, when prices breached $1,900 an ounce for the first time. After that, gold peaked and remained lower until the next rally that took prices to new highs in 2020. Google Trends’ data goes back to 2004.

The gold market has been seeing a massive rally that kicked off with the banking crisis in March. Year-to-date, spot gold is up nearly 10% and was last at $2,008.70. Since hitting a 13-month high two weeks ago, gold has been trading around the $2,000 level as investors sell the rallies and buy the dips.

All eyes are on the Federal Reserve’s potential pause after its expected 25-basis-point hike in May. Also, any U.S. dollar weakness has been playing a big role in driving gold higher, according to analysts.

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