Gold prices closed at $1,357.70 on Friday, August 5th. After the Global Financial Crisis of 2008-09 prices peaked at about $1,800 an ounce and there were forecasts for prices to cross $2,000. But gold has declined substantially since that peak to close under $1,400 now.
As a commodity similar to oil, the price of gold is highly unpredictable and is subject to a gazillion factors. The very long-term price of gold shows how the price reacts to critical political and economic events. The chart below shows the price of gold since 1920:
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- SPDR Gold Shares ETF (GLD)
Disclosure: No positions