![All That Glitters Is Gold](https://cdn.magzter.com/1334720108/1722923344/articles/oW2WXOX-91722937847320/China.jpg)
A hundred years ago, the price of an ounce of gold – about 30 grams, that is – was around USD20, and for the preceding 200 years, that price had barely changed. By 1970, it had increased slightly, to about USD35, but since then the price has undergone a dramatic rise. Today, the price of an ounce of gold is more than USD2,300, not far off its highest price ever, which occurred in May 2024. Among other factors, Russia’s invasion of Ukraine and the war in Gaza have significantly impacted gold prices.
In modern times, gold’s highest prices have tended to correlate with periods of economic uncertainty, high inflation, and conflict. The largest ever spike in the price of gold occurred in 1980, when the inflation-adjusted price peaked at USD2,645, as high inflation due to strong oil prices and the Soviet intervention in Afghanistan prompted investors to move into the metal. Gold has been seen as a haven asset during geopolitical tension and market downturns.
▴ In Hinduism, gold signifies purity and prosperity, and gold jewellery has been an intrinsic part of India’s history for thousands of years
▴Plastic ornamental containers that look like gold ingots are popular during festive occasions, but real gold is also serious business in China
Gold is considered to be auspicious, especially in Hindu and Jain cultures.
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Denne historien er fra AG 164-utgaven av ASIAN Geographic.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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The Mighty Yellow
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Wildlife Big Yellow Beauty
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All That Glitters Is Gold
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Chengdu Hotel Spotlight TRIKA TSANG INTERNATIONAL HOTEL
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Conservation Yellow in Peril
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History Spiritual Rebirth
During the Spanish Golden Age, Portuguese explorer Ferdinand Magellan achieved the first European navigation to Asia via the Pacific, arriving in the Philippines in 1521 and claiming the islands for Spain. But by converting the first Filipinos to Catholicism, Magellan also instigated the Christianisation of the entire archipelago, a spiritual rebirth celebrated through the two most important festivals in the Philippines - Fiesta Señor and Sinulog.
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Green Dreams
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Life On The Edge
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