Gold has since skyrocketed in price amid a perfect storm of global uncertainty. Wars, rising trade tensions and fears over President Trump's 'weaponisation' of the US dollar have pushed investors and central banks toward neutral, physical assets.

Heavy government borrowing, expectations of looser monetary policy and a weaker greenback have reinforced gold's appeal. Plus, a newer layer of demand has emerged from cryptocurrency firms.

As a result, the precious metal's price per ounce peaked at an all-time high of just under $6,000 (£4,040) in January 2026. And while the price has been on a rollercoaster ride since, it's over 20% higher than it was this time last year.

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Gold's incredible boom and bust over the past 100 years