Gold price history
Since the end of the gold standard in 1971 and the end of the convertibility of the US dollar into gold, the price of the yellow metal has continued to rise. Since then, investors from all over the world have been buying gold for its safe haven status and as a hedge against risk. The gold price is very closely followed.
In the 1970s, the oil shocks had a major impact on the price of gold: 60% in 1974 and even a 293% increase between 1979 and the beginning of 1980. Geopolitical tensions and conflicts also influenced its price. But in the 1980s and 1990s, gold was abandoned by investors. Gold rebounded again in 2001 following the World Trade Center attacks and in 2008 with the subprime crisis. Thus, the price of gold over 20 years rose from 303 euros per ounce in January 2000 to 1553 euros in January 2020!
In 2020, the Covid-19 pandemic has a strong impact on the price. In March, gold underwent a sharp correction following massive ETF sales on the stock markets and regained its role as a safe haven from April onwards. In the following months, the price of gold broke several records, reaching an all-time high of $2089 per ounce on 7 August 2020.
