Over the past five decades, ** has climbed from an average of $36 in 1970 to $2,080 in 2023. However, it was not all smooth sailing, with many events and factors shaping the trajectory of the fluctuation.
*As a long-term investment product, its value fluctuates and is affected by global political and economic developments. In times of economic downturn, investors often turn their money to ** as a safe-haven tool, which drives ** demand to increase; In times of economic prosperity, the demand for ** is relatively weak.
Let's take a look back at past events together to get an idea of what the future might hold.
The ** is usually priced per ounce and is equivalent to 311 gram.
1970 - $36 per ounce on average.
August 1971 - Richard Nixon of the United States abolishes the peg of the dollar to **, causing *** to start to fluctuate.
December 1974 - U.S. citizens are allowed to hold ** gold bars and coins.
June 1980 - Hit an all-time high of $850 per ounce, mainly affected by inflation, oil*** and geopolitical events.
1982-1988 - Fluctuations in global currency exchange rates, deficits, and Third World debt problems led to fluctuations between $300 and $490.
1989-1991 - The conflict in the Arabian Gulf, the collapse of the Soviet Union and other events affected *** at the same time as global economic growth slowed.
August 1999 - Banks' reduction in reserves led to an all-time low of 251 per ounce$70.
February 2003 - Before the outbreak of the Iraq War, ** as a hedging tool was sought after and promoted
March 17, 2008 - Hit an all-time high of 1030 per ounce$80, affected by ** turmoil.
February 20, 2009 - During the financial crisis, **again** to over $1,000 per ounce.
August 3, 2020 - The economic impact of the coronavirus pandemic has led to an all-time high of $2,075 per ounce.
March 2023 - Events such as global banking turmoil and the escalation of the conflict in Gaza have directly impacted investors to switch to safe-haven assets, driving ***
HTFX analysts noted that ** is influenced by a variety of factors, including economic conditions, geopolitical events, and investor sentiment. As investors, we should pay close attention to these factors and adjust our portfolio according to the situation to get better investment returns.