During the Covid-19 March Panic, the price was fell to $1,418 on March 18th, only to surge to a record high of $2,075/oz in August 2020, breaching the seemingly impossible $2,000/ounce benchmark, which many thought would never be done. In August 2020, just as gold hits this incredible new milestone, interest rates bottom. While interest rates have soared since August 2020, the price of gold had not collapsed whatsoever.