![]() ![]() The world has known how rare and valuable gold is for thousands of years. Many were looking for greener pastures, financial instruments that guaranteed high returns. The 1970s were essentially a lost decade for stock investors in the west, with high volatility but flat returns. ![]() Gold reached a price of US$850 at the end of that decade which was a 2,300% increase in the 1970s. What caused gold prices to spike in the 1970s?ġ971 had a gold price of $35 with a relatively uneventful previous year, which was the beginning of a bull run. Amidst lockdown protocols, the after-effects of Brexit, and high tensions leading to the Russian-Ukrainian war, gold prices increased by around 18% from their value at the start of the year as investors were looking for low-risk investments.Ĭovid safe-haven purchases and the worldwide response to the epidemic boosted the demand for gold. In August 2020, gold reached an all-time high of 2074.88. The price of gold is currently influenced by several factors, including demand for the precious metal, the amount of gold held in central bank reserves, the value of the US dollar, and the desire to keep gold as a hedge against inflation and currency depreciation.
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