What drives the gold price?
Each row traces a chain of real events that pushed gold higher or lower, month by month. See how geopolitical tensions, dollar shifts, and rate decisions pull the price in different directions.
Gold Price4,629.90▼ 0.4% · 30d · 46 chains
APR 2APR 14APR 23MAY 1
What's driving markets right now — the full picture, every 3 days. Fast, free.
Sign upMAY 1 – MAY 31, 2026
APR 30
Closed: +1.07%
🇮🇷 Diplomatic Negotiation Progress
2026-04-28
🇺🇸 Currency Depreciation
2026-04-28
Diplomatic efforts reduced safe-haven demand, causing the dollar to decline.
GOLD PRICE ▲
2026-04-30
A weaker dollar makes gold cheaper for foreign buyers, boosting demand and prices.
↓
GOLD PRICE ▲
🇺🇸 Dollar Decline
2026-04-30
GOLD PRICE ▲
2026-04-30
A weaker dollar makes gold cheaper for foreign buyers, boosting demand and prices.
↓
GOLD PRICE ▲
🕌 Military Conflict
2026-04-30
GOLD PRICE ▲
2026-04-30
The Middle East conflict creates uncertainty, driving investors to safe-haven gold.
↓
GOLD PRICE ▲
🌍 Safe-Haven Asset Demand Rise
2026-04-30
GOLD PRICE ▲
2026-04-30
Safe-haven demand from geopolitical uncertainty pushed gold prices higher.
↓
GOLD PRICE ▲
APR 29
Closed: −1.3%
🕌 Military Conflict
2026-04-27
🌍 Energy Price Rise
2026-04-27
The Middle East conflict disrupted energy supplies, causing global energy prices to rise.
🇺🇸 Interest Rate Rise Expectation
2026-04-29
Higher energy costs increase inflation risks, reducing room for Fed rate cuts.
GOLD PRICE ▼
2026-04-29
Higher interest rates make gold less attractive as it pays no yield.
🇨🇦 Mining Stock Decline
2026-04-29
Gold prices slipped, which pressured mining stocks, causing them to decline.
↓
GOLD PRICE ▼
↓
APR 28
Closed: −1.82%
🇺🇸 Diplomacy Setbacks
2026-04-27
🌍 Oil Price Rise
2026-04-27
Stalled peace talks raised supply disruption fears, pushing oil prices higher.
GOLD PRICE ▼
2026-04-28
Rising oil prices increase inflation fears, leading to expected higher interest rates, which reduce gold's appeal.
🇨🇦 Mining Stock Decline
2026-04-29
Gold prices slipped, which pressured mining stocks, causing them to decline.
↓
GOLD PRICE ▼
↓
APR 27
Closed: +0.72%
🇺🇸 Diplomatic Visit Cancellation
2026-04-27
GOLD PRICE ▼
2026-04-27
Cancelling diplomatic talks reduces hope for peace, making gold less attractive as a safe haven.
🇨🇦 Mining Stock Decline
2026-04-29
Gold prices slipped, which pressured mining stocks, causing them to decline.
↓
GOLD PRICE ▼
↓
🇮🇷 Peace Proposal Submission
2026-04-27
GOLD PRICE ▲
2026-04-27
Iran's peace proposal reduced geopolitical tensions, boosting demand for gold as a safe haven.
↓
GOLD PRICE ▲
APR 26
🇮🇷 Diplomacy Setbacks
2026-04-26
GOLD PRICE ▼
2026-04-26
Peace talks broke down, raising inflation fears and expectations of higher interest rates, which hurt gold.
🇨🇦 Mining Stock Decline
2026-04-29
Gold prices slipped, which pressured mining stocks, causing them to decline.
↓
GOLD PRICE ▼
↓
APR 1 – APR 30, 2026
APR 30
Closed: +1.07%
🇮🇷 Diplomatic Negotiation Progress
2026-04-28
🇺🇸 Currency Depreciation
2026-04-28
Diplomatic efforts reduced safe-haven demand, causing the dollar to decline.
GOLD PRICE ▲
2026-04-30
A weaker dollar makes gold cheaper for foreign buyers, boosting demand and prices.
↓
GOLD PRICE ▲
🇺🇸 Dollar Decline
2026-04-30
GOLD PRICE ▲
2026-04-30
A weaker dollar makes gold cheaper for foreign buyers, boosting demand and prices.
↓
GOLD PRICE ▲
🕌 Military Conflict
2026-04-30
GOLD PRICE ▲
2026-04-30
The Middle East conflict creates uncertainty, driving investors to safe-haven gold.
↓
GOLD PRICE ▲
🌍 Safe-Haven Asset Demand Rise
2026-04-30
GOLD PRICE ▲
2026-04-30
Safe-haven demand from geopolitical uncertainty pushed gold prices higher.
↓
GOLD PRICE ▲
APR 29
Closed: −1.3%
🕌 Military Conflict
2026-04-27
🌍 Energy Price Rise
2026-04-27
The Middle East conflict disrupted energy supplies, causing global energy prices to rise.
🇺🇸 Interest Rate Rise Expectation
2026-04-29
Higher energy costs increase inflation risks, reducing room for Fed rate cuts.
GOLD PRICE ▼
2026-04-29
Higher interest rates make gold less attractive as it pays no yield.
🇨🇦 Mining Stock Decline
2026-04-29
Gold prices slipped, which pressured mining stocks, causing them to decline.
↓
GOLD PRICE ▼
↓
APR 28
Closed: −1.82%
🇺🇸 Diplomacy Setbacks
2026-04-27
🌍 Oil Price Rise
2026-04-27
Stalled peace talks raised supply disruption fears, pushing oil prices higher.
GOLD PRICE ▼
2026-04-28
Rising oil prices increase inflation fears, leading to expected higher interest rates, which reduce gold's appeal.
🇨🇦 Mining Stock Decline
2026-04-28
Falling gold prices reduce mining company revenues, leading to stock declines.
↓
GOLD PRICE ▼
↓
APR 27
Closed: +0.72%
🇺🇸 Diplomatic Visit Cancellation
2026-04-27
GOLD PRICE ▼
2026-04-27
Cancelling diplomatic talks reduces hope for peace, making gold less attractive as a safe haven.
🇨🇦 Mining Stock Decline
2026-04-28
Falling gold prices reduce mining company revenues, leading to stock declines.
↓
GOLD PRICE ▼
↓
🇮🇷 Peace Proposal Submission
2026-04-27
GOLD PRICE ▲
2026-04-27
Iran's peace proposal reduced geopolitical tensions, boosting demand for gold as a safe haven.
↓
GOLD PRICE ▲
APR 26
Closed: −0.59%
🇮🇷 Diplomacy Setbacks
2026-04-26
GOLD PRICE ▼
2026-04-26
Peace talks broke down, raising inflation fears and expectations of higher interest rates, which hurt gold.
🇨🇦 Mining Stock Decline
2026-04-28
Falling gold prices reduce mining company revenues, leading to stock declines.
↓
GOLD PRICE ▼
↓
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APR 24
Closed: +0.37%
🌍 Peace Talk Progress
2026-04-24
GOLD PRICE ▲
2026-04-24
Hopes for peace talks reduce safe-haven demand, but gold rebounded on cautious optimism.
↓
GOLD PRICE ▲
🇺🇸 Military Strike
2026-04-23
🌍 Fuel Price Rise
2026-04-23
US military actions in the Strait of Hormuz disrupt oil supply, pushing prices higher.
🌍 Inflation Expectation Rise
2026-04-23
High energy prices increase costs for goods and services, making people worry more about inflation.
🌍 Interest Rate Rise Expectation
2026-04-23
High energy prices from Middle East tensions fuel inflation concerns, making central banks more likely to raise rates.
GOLD PRICE ▼
2026-04-24
Expectations of rate hikes make gold less attractive as it pays no interest.
🇨🇦 Mining Stock Decline
2026-04-28
Falling gold prices reduce mining company revenues, leading to stock declines.
↓
GOLD PRICE ▼
↓
APR 23
Closed: −0.58%
🌍 Inflation Fear
2026-04-23
GOLD PRICE ▼
2026-04-23
Inflation fears raise expectations of higher interest rates, reducing gold's appeal.
🇨🇦 Mining Stock Decline
2026-04-28
Falling gold prices reduce mining company revenues, leading to stock declines.
↓
GOLD PRICE ▼
↓
🇺🇸 Military Strike
2026-04-20
🌍 Fuel Price Rise
2026-04-20
US military action against Iran disrupted oil shipping routes, reducing supply and pushing prices higher.
🌍 Inflation Rise
2026-04-20
Energy price rises from shipping disruptions increase costs for businesses, raising inflation risks.
🌍 Interest Rate Rise Expectation
2026-04-20
Higher oil prices from conflict create inflation risks, leading markets to expect central banks to raise rates.
GOLD PRICE ▼
2026-04-23
Expectations of future interest rate hikes make gold less attractive as an investment.
🇨🇦 Mining Stock Decline
2026-04-29
Gold prices slipped, which pressured mining stocks, causing them to decline.
↓
GOLD PRICE ▼
↓
APR 22
Closed: +0.73%
🇺🇸 Ceasefire Optimism
2026-04-22
GOLD PRICE ▲
2026-04-22
The ceasefire extension reduced geopolitical risk, making gold less attractive as a safe-haven asset, but gold still rose.
↓
GOLD PRICE ▲
APR 21
Closed: −2.25%
🇺🇸 Central Bank Chair Confirmation Hearing
2026-04-21
GOLD PRICE ▼
2026-04-21
The Fed chair nominee's pledge to fight inflation made gold less attractive as a hedge.
🇨🇦 Gold Producer Stock Decline
2026-04-21
Lower gold prices reduce the revenue and profitability of gold mining companies, making their stocks less valuable.
↓
GOLD PRICE ▼
↓
🇺🇸 Peace Talk Collapse
2026-04-21
GOLD PRICE ▼
2026-04-21
Peace talks collapsing reduced safe-haven demand for gold, causing its price to drop.
🇨🇦 Mining Stock Decline
2026-04-28
Falling gold prices reduce mining company revenues, leading to stock declines.
↓
GOLD PRICE ▼
↓
🇺🇸 Currency Appreciation
2026-04-21
GOLD PRICE ▼
2026-04-21
A stronger dollar makes gold more expensive for holders of other currencies, reducing demand and pushing its price down.
🇨🇦 Mining Stock Decline
2026-04-29
Gold prices slipped, which pressured mining stocks, causing them to decline.
↓
GOLD PRICE ▼
↓
🇺🇸 Interest Rate Hold Expectation Rise
2026-04-21
GOLD PRICE ▼
2026-04-21
Strong US economic data suggests the Fed can keep rates high, reducing gold's appeal as a safe-haven asset.
🇨🇦 Gold Producer Stock Decline
2026-04-21
Lower gold prices reduce the revenue and profitability of gold mining companies, making their stocks less valuable.
↓
GOLD PRICE ▼
↓
APR 20
Closed: +0.7%
🇺🇸 Military Strike
2026-04-20
🌍 Fuel Price Rise
2026-04-20
US military action against Iran disrupted oil shipping routes, reducing supply and pushing prices higher.
🌍 Inflation Rise
2026-04-20
Energy price rises from shipping disruptions increase costs for businesses, raising inflation risks.
🌍 Interest Rate Rise Expectation
2026-04-20
Higher oil prices from conflict create inflation risks, leading markets to expect central banks to raise rates.
GOLD PRICE ▼
2026-04-20
Higher interest rates make gold less attractive because it doesn't pay interest.
🇨🇦 Gold Producer Stock Decline
2026-04-21
Lower gold prices reduce the revenue and profitability of gold mining companies, making their stocks less valuable.
↓
GOLD PRICE ▼
↓
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APR 19
Closed: −1.74%
🇺🇸 Military Strike
2026-04-19
🌍 Inflation Expectation Rise
2026-04-19
Military strikes disrupt oil supply, raising fears of higher prices and inflation.
🌍 Interest Rate Rise Expectation
2026-04-19
Higher oil prices from Middle East tensions increase inflation risks, making central banks more likely to raise rates.
GOLD PRICE ▼
2026-04-19
Gold fell because higher inflation risks from the conflict increased expectations that central banks will raise interest rates, making gold less attractive.
↓
GOLD PRICE ▼
APR 15
Closed: −0.52%
🇺🇸 Currency Appreciation
2026-04-15
GOLD PRICE ▼
2026-04-15
A stronger US dollar makes gold more expensive for holders of other currencies, reducing demand.
↓
GOLD PRICE ▼
🇮🇷 Diplomatic Negotiation Progress
2026-04-15
GOLD PRICE ▲
2026-04-15
Diplomatic progress reduces inflation fears, making gold less attractive as a hedge.
🇨🇦 Gold Stock Rise
2026-04-16
Higher gold prices increase the value of gold mining companies, boosting their stock prices.
↓
GOLD PRICE ▲
↓
APR 14
Closed: +1.74%
🇺🇸 War De-Escalation
2026-04-14
🌍 Oil Price Decline
2026-04-14
Expectations of a ceasefire and possible reopening of the Strait of Hormuz weighed on oil prices.
🌍 Inflation Expectation Decline
2026-04-14
Lower oil prices reduce the cost of energy and transportation, which helps slow down overall price increases.
GOLD PRICE ▲
2026-04-14
Gold rises because reduced inflation fears make it less attractive as a hedge.
🇨🇦 Mining Stock Rise
2026-04-14
Higher gold prices increase the value of mining companies' assets, making their stocks more attractive to investors.
↓
GOLD PRICE ▲
↓
APR 13
Closed: −0.41%
🇺🇸 Military Strike
2026-04-13
🌍 Fuel Price Rise
2026-04-13
US threats to blockade a key oil shipping route caused global oil prices to surge.
🌍 Inflation Expectation Rise
2026-04-13
Higher oil prices increase costs for many goods, making people expect prices to rise overall.
🌍 Interest Rate Cut Expectation Decline
2026-04-13
Rising inflation fears make central banks less likely to cut interest rates.
GOLD PRICE ▼
2026-04-13
Gold fell because inflation fears reduced expectations that central banks would cut interest rates.
🇿🇦 Currency Depreciation
2026-04-13
Gold's decline removed a key support for the rand, making it less attractive to investors.
↓
GOLD PRICE ▼
↓
🇺🇸 Diplomacy Setbacks
2026-04-13
🇺🇸 Shipping Disruption
2026-04-13
Failed US-Iran talks led to a US military blockade of the Strait of Hormuz.
GOLD PRICE ▲
2026-04-13
The US naval blockade raised geopolitical tensions, increasing demand for safe-haven assets like gold.
🇨🇦 Mining Stock Rise
2026-04-14
Higher gold prices increase the value of mining companies' assets, making their stocks more attractive to investors.
↓
GOLD PRICE ▲
↓
APR 12
Closed: −0.63%
🇺🇸 Military Strike
2026-04-10
🌍 Fuel Price Rise
2026-04-10
Tensions between the US and Iran have already pushed oil prices higher.
🌍 Inflation Expectation Rise
2026-04-12
Higher energy prices from a shipping blockade increase costs for goods and services, raising inflation risks.
🌍 Monetary Policy Tightening Expectation Rise
2026-04-12
Higher energy prices from a shipping blockade increase inflation risks, making central banks more likely to raise interest rates.
GOLD PRICE ▼
2026-04-12
Expectations that central banks may delay rate cuts or tighten policy due to inflation risks reduce gold's appeal as a non-yielding asset.
🇿🇦 Currency Depreciation
2026-04-13
Gold's decline removed a key support for the rand, making it less attractive to investors.
↓
GOLD PRICE ▼
↓
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APR 10
Closed: −0.63%
🇺🇸 Oil Price Decline
2026-04-08
🇺🇸 Interest Rate Cut Expectation Rise
2026-04-08
Lower oil prices reduce inflation fears, making investors expect the Fed will cut rates sooner.
GOLD PRICE ▲
2026-04-10
Expectations of lower interest rates make non-yielding gold more attractive to investors.
🇨🇦 Mining Stock Rise
2026-04-14
Higher gold prices increase the value of mining companies' assets, making their stocks more attractive to investors.
↓
GOLD PRICE ▲
↓
🇺🇸 Diplomatic Negotiation Progress
2026-04-10
GOLD PRICE ▲
2026-04-10
Diplomatic talks between the US and Iran reduced geopolitical risk, making safe-haven gold less attractive.
🇨🇦 Gold Stock Rise
2026-04-16
Higher gold prices increase the value of gold mining companies, boosting their stock prices.
↓
GOLD PRICE ▲
↓
APR 9
Closed: +0.9%
🇮🇱 Military Strike
2026-04-09
GOLD PRICE ▲
2026-04-09
Investors buy gold as a safe haven when military conflicts create uncertainty.
🇨🇦 Mining Stock Rise
2026-04-09
Higher gold prices increase the value and profitability of mining companies, boosting their stock prices.
↓
GOLD PRICE ▲
↓
APR 8
Closed: +1.98%
🕌 War De-Escalation
2026-04-08
🌍 Risk Appetite Rise
2026-04-08
A Middle East ceasefire announcement reduced geopolitical risks, making investors more willing to buy riskier assets like South African bonds.
GOLD PRICE ▼
2026-04-08
Investors sold gold to take profits as confidence returned to stock markets.
🇿🇦 Foreign Exchange Reserve Decline
2026-04-09
A lower gold price reduces the dollar value of South Africa's gold reserves, decreasing total foreign exchange reserves.
↓
GOLD PRICE ▼
↓
🕌 War De-Escalation
2026-04-08
GOLD PRICE ▲
2026-04-08
Gold rose because a fragile ceasefire reduced safe-haven demand, leading investors to sell for profits.
🇨🇦 Mining Stock Rise
2026-04-08
Gold's rise reassessed risk, boosting mining stocks.
↓
GOLD PRICE ▲
↓
APR 7
Closed: +0.01%
🇺🇸 Military Strike
2026-04-02
🌍 Fuel Price Rise
2026-04-02
US military escalation in Iran raised fears of oil supply disruptions, pushing prices higher.
🇺🇸 Interest Rate Cut Expectation
2026-04-02
Higher oil prices from the war raise inflation fears, making investors expect fewer Fed rate cuts.
GOLD PRICE ▼
2026-04-07
Reduced expectations for Fed rate cuts strengthen the US dollar, making gold less attractive.
🇿🇦 Foreign Exchange Reserve Decline
2026-04-09
A lower gold price reduces the dollar value of South Africa's gold reserves, decreasing total foreign exchange reserves.
↓
GOLD PRICE ▼
↓
🇺🇸 Military Strike
2026-04-07
GOLD PRICE ▲
2026-04-07
Geopolitical tensions increase demand for gold as a safe-haven asset.
🇨🇦 Mining Stock Rise
2026-04-08
Gold's rise reassessed risk, boosting mining stocks.
↓
GOLD PRICE ▲
↓
🌍 War De-Escalation
2026-04-07
GOLD PRICE ▲
2026-04-07
Gold rose because a temporary ceasefire reduced safe-haven demand.
🇨🇦 Mining Stock Rise
2026-04-09
Higher gold prices increase the value and profitability of mining companies, boosting their stock prices.
↓
GOLD PRICE ▲
↓
APR 6
Closed: +0.11%
🇺🇸 Military Strike
2026-04-06
🇺🇸 Treasury Yield Rise
2026-04-06
Investors demand higher yields on government bonds as war escalation increases economic uncertainty and inflation risks.
GOLD PRICE ▼
2026-04-06
Expectations that the Fed will keep rates high reduce gold's appeal because it pays no interest.
🇿🇦 Foreign Exchange Reserve Decline
2026-04-09
A lower gold price reduces the dollar value of South Africa's gold reserves, decreasing total foreign exchange reserves.
↓
GOLD PRICE ▼
↓
🇵🇰 Peace Proposal
2026-04-06
GOLD PRICE ▲
2026-04-06
A ceasefire proposal reduced geopolitical risk, making gold less attractive as a safe haven, but prices still rose from earlier lows.
🇨🇦 Mining Stock Rise
2026-04-08
Gold's rise reassessed risk, boosting mining stocks.
↓
GOLD PRICE ▲
↓
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APR 2
Closed: −2.75%
🇺🇸 Military Operation De-Escalation
2026-04-02
GOLD PRICE ▲
2026-04-02
Gold prices rose as hopes for reduced military conflict eased safe-haven demand for the dollar.
🇨🇦 Mining Stock Rise
2026-04-08
Gold's rise reassessed risk, boosting mining stocks.
↓
GOLD PRICE ▲
APR 1
Closed: +2.92%
🕌 War De-Escalation
2026-04-01
🇺🇸 Currency Depreciation
2026-04-01
Military de-escalation reduces safe-haven demand for the US dollar, causing it to depreciate.
GOLD PRICE ▲
2026-04-01
A weaker US dollar makes gold cheaper for foreign buyers, increasing demand and pushing its price higher.
🇨🇦 Mining Stock Rise
2026-04-01
Gold's price rise increases the value of mining companies' assets, boosting their stock prices.
↓
GOLD PRICE ▲
↓
MAR 31
Closed: +2.69%
🇺🇸 Military Strike
2026-03-27
🌍 Fuel Price Rise
2026-03-27
Increased military deployment fears in the Middle East raise concerns about oil supply disruptions, pushing prices higher.
🇺🇸 Interest Rate Cut Expectation
2026-03-27
Higher energy prices reduce the likelihood of the Fed cutting interest rates.
🇺🇸 Currency Appreciation
2026-03-31
Expectations for Fed rate cuts have faded, making the dollar more attractive and causing it to appreciate.
GOLD PRICE ▼
2026-03-31
Investors buy US dollars as a safe haven, which makes gold less attractive and pushes its price down.
🇨🇦 Mining Stock Decline
2026-04-02
Falling gold prices reduce mining company profits, causing their stock prices to decline.
GOLD PRICE ▼
↓
🕌 Tensions Ease
2026-03-31
GOLD PRICE ▲
2026-03-31
Diplomacy progress reduces safe-haven demand for gold, but gold prices still rose due to other factors.
🇨🇦 Stock Market Rise
2026-03-31
Higher gold prices boosted mining stocks, which helped lift the overall Canadian stock index.
GOLD PRICE ▲
↓
MAR 30
Closed: +0.04%
🇮🇷 Diplomatic Negotiation Progress
2026-03-30
GOLD PRICE ▲
2026-03-30
Gold rose as diplomatic talks with Iran reduced geopolitical risk, making safe-haven assets less attractive.
🇨🇦 Stock Market Rise
2026-03-31
Higher gold prices boosted mining stocks, which helped lift the overall Canadian stock index.
GOLD PRICE ▲
↓
MAR 29
🌍 Central Bank Purchase Decline
2026-03-29
GOLD PRICE ▼
2026-03-29
Central banks buying less gold reduces demand, causing gold prices to fall.
🇨🇦 Mining Stock Decline
2026-04-02
Falling gold prices reduce mining company profits, causing their stock prices to decline.
GOLD PRICE ▼
↓
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