Gold
The classic safe haven — trades inversely to real rates and the dollar.
Previous close $4,434.54/oz
52-week high
$5,405.76/oz
52-week low
$2,608.15/oz
YTD change
+3.16%
Historical series derived from GLD ETF and scaled to today's index level — shape is accurate, absolute levels are approximate (±small tracking error).Up over the period.
The 30-second take
Gold is a bet on falling real interest rates, a weaker dollar, or rising tail risk. It has no cash flow, so its price is entirely about what alternatives yield. When you see gold rallying alongside falling 10Y yields, that's the classic “real rates lower” trade. When it rallies despite strong equities, that's a geopolitical risk bid. Central-bank buying has been a structural tailwind since 2022.
Historical reference points
Bankers instinctively contextualise today's level against these moments. Each row shows how far the current level is above / below that reference.
- GFC rally peakSep 2011$1,921.00/oz+133.14%
- 2018 lowAug 2018$1,160.00/oz+286.09%
- COVID/low-rates peakAug 2020$2,075.00/oz+115.84%
Compare against
Master the whole framework
The live numbers are one leg. Read the lesson for the four things to always know, plus the full interview script.
Discussing Markets — read the lesson →