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How can we account for the increase in the price of gold?
[Comment expliquer la hausse du cours de l’or ?]

Author

Listed:
  • Victor Baccarini
  • Thibauld Christin
  • Xavier Denis
  • Gabrielle Labat

Abstract

The price of gold has doubled since 2019, with a notable acceleration in its increase in 2023 (see Chart 1). This rise is unexpected, given that rising real interest rates, a slowdown in inflation and a strong dollar should have dragged the price down. Purchases of gold by emerging market central banks and individual investors have bolstered demand, explaining the price increase, against a backdrop of high and persistent geopolitical tensions. Le cours de l’or a doublé depuis 2019, avec une accélération depuis 2023 (cf. graphique 1). Cette progression est paradoxale alors que la hausse des taux d’intérêt réels, la décélération de l’inflation et un dollar fort auraient dû favoriser un repli. Les achats d’or des banques centrales émergentes mais aussi des investisseurs particuliers sont venus soutenir la demande, expliquant la hausse du cours, dans un contexte de tensions géopolitiques élevées et persistantes.

Suggested Citation

  • Victor Baccarini & Thibauld Christin & Xavier Denis & Gabrielle Labat, . "How can we account for the increase in the price of gold? [Comment expliquer la hausse du cours de l’or ?]," Eco Notepad (in progress), Banque de France.
    • Handle: RePEc:bfr:econot:365
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