The precious metal favoured by the most people throughout the world, gold, and especially 24 carat (or pure) gold, is a much sought after commodity.
Gold is seen as an investment opportunity by many, either in a long-term investment, or as a short-term hedge in times of unstable market conditions.
Due to this, gold is often less affected by supply and demand than it is by the global economy, with the price being heavily influenced by times of economic uncertainty.
Because many who own vast amounts of gold, do not have physical possession of that gold, it has long been rumoured that the amount of gold owned outweighs the amount of gold in existence.
As well as economic stability and supply and demand, the price of gold can also be affected by investor and trader confidence, inflation, and the price can also be seasonal. However, due to being bought and sold in dollars, even though the US dollar is no longer backed by gold, it still has the largest influence over the price of gold. Due to the global economic crisis and the election of President Trump, many have worried that the price of gold may drop as trust in the dollar continues to falter globally.