Gold’s ascent through $4,000 an ounce is yet another milestone in a three-year bull run that has defied die-hard skeptics and broken analytical models that have reliably predicted its rises and falls for decades.
Here is the story of how bullion shook off its reputation as a barbarous relic and muscled its way back toward the center of the global monetary system.
After being shunned by investors and central bankers for much of this century, gold’s turnaround began in the panic of the pandemic, when it broke through $2,000 an ounce. The rally gathered fresh momentum in the wake of the invasion of Ukraine, with central banks and Chinese investors driving a 27% gain in 2024, before Donald Trump’s return to the White House helped launch gold emphatically over the $3,000 hurdle in March.
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