The global gold spree, which is driving the price of the precious metal to record highs, has been caused by a melting pot of factors.

As we mentioned previously, investors turn to gold as a comparatively safe investment in times of economic uncertainty. Considering the shocks that have rocked the world's wallet in recent years – COVID-19, the Russian war in Ukraine, soaring inflation – it's not surprising that countries and consumers alike are snapping up the commodity.

Russia itself has been buying gold to compensate for Western sanctions that have hit the nation's economy hard, adding approximately $40 billion (£30bn) worth of the metal to its reserves in recent years.

In China, meanwhile, the collapse of the country's property sector has sent demand for gold through the roof. Many people's savings were tied up in real estate. With a lack of alternative investment opportunities, gold (typically in the form of ingots, coins, jewellery, or tiny 'beans') has emerged as a popular hedge for everyday citizens.

A history of gold: from star dust to global obsession