World gold market history
The Chinese government will establish a gold trading market as an outline of the 10th Five-Year Plan for national economic and social development.
Dai Xianglong, governor of the People's Bank of China, announced the abolition of the gold's “Public Purchase and Distribution” plan management system and the establishment of a gold exchange in Shanghai.
The establishment of the Shanghai Gold Exchange ended the history of Chinese gold not being freely traded.
When the United States invaded Iraq, investors bought gold to hedge, and the price of gold rose by $400 per ounce, reaching the level of 1988.
Spot gold has surpassed $500 per ounce for the first time since December 1987 and has risen to $502.97 per ounce.
Political weaknesses such as the weakness of the US dollar, the stability of oil prices and the Iranian nuclear crisis have brought funds into the commodity market. Investors bought gold to hedge their risks and the price of gold rose to a high of $730 per ounce. Then investors and speculators sold commodities such as gold, which caused the price of gold to fall 26% from a 26-year high to $543 per ounce.
Spot gold rose to a 28-year high of $845.40 per ounce.
The financial tsunami affected the world, and the price of gold hit a record high of $1,032 per ounce.
The dollar is weak, and the market expects the central bank to increase its gold reserves, and the price of gold will hit a new high of US$1,226 per ounce.
The fund increased its holdings of gold, the European debt crisis and the market sensation. The United States once again implemented a quantitative easing policy, and the price of gold rose to US$1,382 per ounce.
In March of that year, the price of oil rose to a high of two and a half years, and the price of gold rose sharply to US$1,444 per ounce. It then broke through to a record high of $1,908 per ounce.