Lately, it may feel like you’re putting “liquid gold” in your gas tank. That’s because of what’s going on in the Middle East and North Africa. The reality is the unrest in oil-producing countries is also affecting a lot of other prices, too.
Petroleum prices often rise as a result of instability in oil-producing countries. The reason we bring it up is to point out what that same instability is also doing to gold prices.
While the price of oil doesn’t necessarily affect gold mining, instability of prices, inflation, and other economic factors do affect the value of the American dollar and other currencies, which can drive the cost of gold. As a result, of current world events and political unrest, gold has reached a ten-year high already this March.
For a closer look at gold price fluctuations over time, please refer to our historical gold charts to study its ebbs and flows. Political, social, and economic factors all influence its price, so it’s likely that you can indentify external forces that correlate to rises and falls at varying times tracked in the chart.