Gold price on track for best year since 1979 as it hits record high – business live

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Here’s a chart showing how much gold has risen, or fallen, each year since the late 1960s, in dollars.

This morning’s gains mean gold is still on track for its best year since 1979.

The other asset class to reach yet more record highs was gold, which rose +1.67% to $3,747/oz and now up more than +42% on a YTD basis. So that now leaves gold prices well on track for their strongest annual performance since 1979, when prices surged +127% against the backdrop of the oil crisis after the Iranian Revolution, which caused a fresh surge for inflation and led investors to seek out gold as a hedge against that.

In real terms gold prices didn’t actually cross the highs seen around this time until earlier this month some 45 years later.