Others though see it as “barbarous relic” with no real value beyond its beauty and use in jewellery. This then paused before resuming from around 2020 taking the gold price to new record highs both in nominal and real terms. What’s driving the gold price higher? Third, the resumption of the downtrend in the $US in place since 2022 has also helped boost the gold price as gold is priced in $US. In the near term, the risk of a correction in the gold price is high.