The Timely Gold Pocket Watch Sale For £1.175 Million As Gold Prices Soar With Promises To Climb Even Higher

• A 14-carat gold Waltham pocket watch, retrieved from the Titanic sank, recently sold for £1.175 million at auction.
• The timing of the sale coincides with a recent surge in gold prices, which have seen a 13% increase this year.

John Jacob Astor's gold pocket watch, from the Titanic's wealthiest passenger, recently made headlines by fetching £1.175 million at auction. This 14-carat gold Waltham watch was found on Astor's body a week after the tragedy.

It is engraved with Astor's initials, and is more than just a valuable item, it's a piece of history, especially when you consider Astor's final moments smoking a cigarette as the Titanic sank.

This sale's timing is interesting too, aligning with the recent surge in gold prices. With a 13% increase in gold value this year and a peak at $2431 on April 12th, albeit followed by a drop, gold remains a solid investment.

The 20-day simple moving average acted as a safety net support for gold, hinting at a potential bounce followed by a bullish trend. Investors are now speculating on whether the price of gold will reach and surpass targets as high as $2500 and $3000, demonstrating gold's allure as an investment.

Silver's market movements often reflect those of gold, with both metals typically experiencing similar shifts. Recently, silver's value decreased by 10%, dropping from nearly $30 to $26.

But, should gold exceed its all-time high, it's expected that silver will leap over the $30 psychological resistance above, initiating a more extensive rally.

The period from 2001 to 2011, when gold surged by 650%, is a reminder of the potential for significant growth over time.

These historical examples provide a positive view on the future of gold, hinting that current trends could lead to a significant rise in the market.

After the closing bell on Friday, April 26, gold closed at $2337.91, trading up by 0.28%.

This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.