Gold prices experienced volatility, reaching a peak of $2,100 per ounce in mid-2023 before stabilizing at $1,900.
Gold prices have shown a consistent upward trend over the years, with prices rising from around $280 per ounce in 2000 to around $1,800 per ounce in 2012.
The COVID-19 pandemic further increased gold prices as investors sought safe-haven assets amidst market uncertainty.
The demand for gold is influenced by various factors, with jewelry accounting for around half of total consumption.