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The rise and fall (and rise again) of gold prices – what’s going on?

By David McMillan, Professor in Finance, University of Stirling

In late January, the gold price reached an all-time peak of around US$5,500 (£4,025). January 30 saw one of the largest one-day falls in prices, which sank by nearly 10% after hitting a record high only the day before.

This was a dramatic about-turn, from a bullish gold market that rose by more than 300% in the last decade, over 150% in the last five years and (perhaps more pertinently) by 75% since US president Donald Trump’s…

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