يُعتبر الذهب تقليدياً ملاذاً آمناً، حيث يعمل كتحوط ضد التضخم وضمان ضد عدم اليقين الاقتصادي.
The international gold price is referenced through the London spot market overseen by the LBMA and through COMEX futures on CME Group. Prices are quoted in dollars per troy ounce, a unit equal to about 31.1 grams. Gold is the archetypal safe-haven asset, having served as money for much of history, and central banks hold it as part of their reserves. A defining feature is that gold pays no interest or dividends, which shapes how its price responds to markets.
Because gold yields nothing, its appeal rises when real interest rates, meaning rates after inflation, are low, and falls when real rates climb. Gold also tends to move inversely to the dollar, since a weaker dollar makes dollar-priced gold cheaper for other buyers. Geopolitical crises and financial stress typically lift gold through safe-haven demand. Most analysts therefore read gold against the trend in real yields and the dollar rather than focusing on daily moves.
The principal drivers are U.S. real interest rates, the dollar, inflation expectations, and central bank gold purchases. Reserve accumulation by emerging-market central banks has become a structural pillar of demand, while flows into and out of gold ETFs track investment appetite. Physical demand from India and China adds a seasonal element. Useful cross-checks include the 10-year TIPS yield, the dollar index, and silver prices along with the gold-silver ratio.