Gold reaches record high in 2022

Posted by Suzie Kidger-Clarke

on 30th June 2022

Did you know that gold prices have reached record highs in 2022? Highly regarded as a significant monetary metal for thousands of years, gold has been used for transactions and exchanges long before we had traditional currency. 

But even with our paper money in play, did you know that you can still use your gold pieces to exchange or part-exchange for items in many places, including here at LH Watch Trade? As gold is currently valued so highly, it’s worth a greater contribution towards that Rolex that you’ve been eyeing up. 

Read on to find out more about gold’s journey and increase in value, as well as how you can utilise it in-store with us at LH Watches.

Record highs for gold 

Gold has been on an upward trajectory since January 2022. In particular, it has accelerated since Russia’s shocking invasion of Ukraine in February, leading investors to move towards what are considered safe-haven assets, such as gold. Due to the economic changes, in June 2022, gold was sitting at around £1500 per ounce. 

 Russia’s actions and the consequences, such as sanctions on specific Russian individuals or companies, are unlikely to have too much impact on the demand for gold or impact gold prices globally. However, in the medium-long term, the knock-on effects of sanctions on Russia’s central bank’s foreign exchange could lead to further changes in the price of gold. 

 Most emerging market central banks hold less than 5% of their foreign currency reserves in gold. Typically it’s US dollars and other major currencies. Overall, the story of gold that we’re seeing is that there’s a significant private investment and demand for gold, particularly in Europe and North America, pushing up the prices of gold. There’s a strong demand for gold in both private and public settings.

You can rely on Rolex

Just like gold rarely loses its value, you can rely on a Rolex to not just keep their value due to their impeccable craftsmanship but actually increase in value over time. They are exquisitely designed, beautifully detailed, and built to the highest standards; without a doubt, Rolex has perfected the art of watchmaking.

 Time-consuming and meticulous, creating every Rolex watch is an act of love. Rolex has its very own Research & Development Department that uses state-of-the-art tools and equipment to complete every timepiece. In addition to everything that goes into each individual watch, Rolex is constantly innovating its processes, ensuring that they’re staying ahead of the game. There’s no doubt that Rolex watches only use the best techniques and materials, making them some of the best in the world. 

 Part of what makes a Rolex watch so desirable is that they’re built to last, with both men’s, and women’s watches celebrated worldwide for their class, elegance, and timeless beauty. For many, a Rolex is a luxury timepiece that is both a cherished collectable and an investment. Delivering the ultimate style, Rolex creates beautiful watches that can be treasured and adored for years to come.

price of gold increase rolex watch

Exchange your gold at LH Watch Trade

As we mentioned above, at LH Watches, you can exchange or part exchange your gold for a timeless classic Rolex watch. Alternatively, we’re happy to buy your gold pieces for cash and transfer the money directly into your bank account. For more information on exchanges and part exchanges, contact our expert team.

Considering a Rolex?

Whilst the price of a Rolex might seem a bit daunting, a Rolex watch, just like gold, is almost guaranteed to make a return on investment if you were to sell your Rolex in the future. Whether you wear your Rolex every day, for special occasions or keep it on display as a collectible, buying a Rolex watch as an investment item has become very common. 

 Did you know that not all luxury watches hold their value? This is where the craftsmanship and the high-quality materials of a Rolex come into play since their value generally increases over time. Therefore, even pre-owned Rolex watches are incredibly sought after. If you’re looking for a luxury timepiece that will stand the test of time and make a cherished collectible, look no further than a Rolex. 

 So, if you’re considering a pre-owned Rolex, whether you’re looking to part or fully exchange it with gold, we can help you to find the perfect piece to suit your style, desires and collection. Get in touch with our expert team to discuss your requirements or take a look at our current collection of Rolex watches.