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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