Understanding the rise and recent fall in gold prices

Apollo

Torsten Slok

Research

26 Pages

Apollo’s chart book looks at why gold prices have increased so much since 2022, and why they have declined more recently.

Key Takeaways

Price Increase Since 2022: Central bank buying driven by de-dollarization because of sanctions when Russia invaded Ukraine, inflation concerns, and Chinese retail demand.
Recent Decline: Investors needed liquidity as they experienced losses elsewhere in their portfolios.
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