Gold shows its mettle: In a world of cryptocurrencies and AI stocks, investors still drawn to the oldest commodity

The Central Bank of Ireland has doubled its own gold reserves

In December 2023, gold prices closed at an all-time high when they neared $2,100 per ounce, growing 15% in the year. Picture: Chalinee Thirasupa/Bloomberg

The past few months have seen an unexpected surge in the price of gold, a commodity that has done exceedingly well despite a series of unfavourable conditions. 

Closing at an all-time high in December, gold prices neared $2,100 (€1,950) per ounce and in defiance of traditional economic theory, grew 15% in 2023.