All That Glitters Is Gold

From Turkey to China, the yellow metal plays a central role in cultural practices and is coveted as a symbol of affluence and status

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A hundred years ago, the price of an ounce of gold – about 30 grams, that is – was around USD20, and for the preceding 200 years, that price had barely changed. By 1970, it had increased slightly, to about USD35, but since then the price has undergone a dramatic rise. Today, the price of an ounce of gold is more than USD2,300, not far off its highest price ever, which occurred in May 2024. Among other factors, Russia’s invasion of Ukraine and the war in Gaza have significantly impacted gold prices.

In modern times, gold’s highest prices have tended to correlate with periods of economic uncertainty, high inflation, and conflict. The largest ever spike in the price of gold occurred in 1980, when the inflation-adjusted price peaked at USD2,645, as high inflation due to strong oil prices and the Soviet intervention in Afghanistan prompted investors to move into the metal. Gold has been seen as a haven asset during geopolitical tension and market downturns.

▴ In Hinduism, gold signifies purity and prosperity, and gold jewellery has been an intrinsic part of India’s history for thousands of years

▴Plastic ornamental containers that look like gold ingots are popular during festive occasions, but real gold is also serious business in China

Gold is considered to be auspicious, especially in Hindu and Jain cultures.