Gold
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Price Chart
At a Glance
Gold (XAU/USD) is the world's premier safe-haven asset and the most widely held precious metal. Traded globally on the COMEX, LBMA, and Shanghai Gold Exchange, it serves as a hedge against inflation, currency debasement, and geopolitical uncertainty. Gold's price is primarily driven by real interest rates, US dollar strength, central bank reserve policies, and investor sentiment. Unlike equities, gold generates no cash flow — its value derives from scarcity, durability, and millennia of monetary trust. Central banks hold approximately 36,000 tonnes in reserves, with the US Federal Reserve holding the largest position at ~8,133 tonnes.
Supply & Demand
Supply
Demand
Key Drivers
Real Interest Rates
bullishGold has a strong inverse correlation with US real yields. When real rates fall, the opportunity cost of holding non-yielding gold drops.
US Dollar Strength
bearishGold is priced in USD globally — a weaker dollar makes gold cheaper for foreign buyers, increasing demand.
Central Bank Buying
bullishCentral banks added 1,037 tonnes in 2025, the third consecutive year above 1,000t. China, Poland, and India are the largest accumulators.
Geopolitical Risk
bullishGold acts as a safe-haven during geopolitical crises. Elevated tensions support a risk premium in gold pricing.
Inflation Expectations
bullishBreakeven inflation rates and CPI trends drive gold demand as an inflation hedge. Sticky core inflation supports gold.
ETF Flows
neutralGlobal gold ETF holdings serve as a proxy for institutional and retail investment demand. 2025 saw renewed inflows.
Historical Returns
| Year | Annual Return | Performance |
|---|---|---|
| 2025 | +27.20% | |
| 2024 | +13.10% | |
| 2023 | +13.50% | |
| 2022 | +0.40% | |
| 2021 | -3.60% | |
| 2020 | +25.10% | |
| 2019 | +18.30% | |
| 2018 | -1.60% | |
| 2017 | +13.70% | |
| 2016 | +8.60% |
Related Commodities
Set Gold alerts & never miss a move
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Free
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- Build custom monitoring dashboard
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- Priority data refresh
- Export & portfolio tracking
Secure payment via Stripe. Cancel anytime from your account settings.