Geopolitical Events - Gold Timeline
Explore geopolitical events that impacted gold prices from 1971 to 2024.
Event Type
September 11 Terrorist Attacks
The 9/11 terrorist attacks on New York City and Washington D.C. shocked global markets and triggered immediate safe-haven buying. Gold jumped from $271/oz to $287/oz within days as investors sought security. The attacks led to prolonged geopolitical uncertainty, wars in Afghanistan and Iraq, and a decade-long gold bull market as the "War on Terror" drove deficit spending and monetary expansion.
Price Movement
From $271/oz to $287/oz
1 week
From $4.15/oz to $4.45/oz
1 week
Sources: NYMEX Trading Records, LBMA Price Archives
Brexit Referendum
The United Kingdom voted 52% to 48% to leave the European Union, shocking markets that expected a "Remain" victory. The British pound crashed to 31-year lows, global stocks tumbled, and uncertainty flooded financial markets. Gold surged 8% in two days as investors sought safety from the geopolitical chaos. The vote triggered years of political turmoil and negotiations that kept gold elevated.
Price Movement
From $1,255/oz to $1,357/oz
2 days
From $17.10/oz to $18.75/oz
2 days
Sources: LBMA, Bank of England
U.S.-China Trade War Begins
President Trump imposed tariffs on $34 billion of Chinese goods, marking the start of the U.S.-China trade war. China immediately retaliated with matching tariffs. The escalating conflict disrupted global supply chains, slowed economic growth, and created sustained uncertainty. Gold rallied from $1,250/oz to $1,550/oz over 14 months as investors hedged against economic slowdown and currency devaluation. Industrial metals like copper suffered from reduced manufacturing demand.
Price Movement
$1,550/oz in Aug 2019
14 months
From $3.30/lb to $2.70/lb
12 months
Sources: U.S. Trade Representative, LME
Russia Invades Ukraine
Russia launched a full-scale invasion of Ukraine, triggering the largest European war since 1945. Western nations imposed severe sanctions on Russia, disrupting global energy and commodity markets. Gold initially spiked to $2,070/oz (matching the COVID high) as fear peaked, but later retreated as the war became protracted. Palladium (where Russia controls 40% of supply) soared 80% in days. Nickel trading was suspended on the LME after prices more than doubled in hours.
Price Movement
$2,070/oz
2 weeks
$3,440/oz (record high)
3 weeks
From $1,015/oz to $1,248/oz
2 weeks
Sources: LME, LBMA, World Platinum Investment Council
Israel-Gaza War Escalation
Palestinian factions launched a surprise attack on Israel on October 7, 2023, triggering the deadliest conflict in the region in decades. Israel responded with a massive military operation in Gaza. The conflict raised fears of broader Middle East instability, with potential involvement of Iran and other regional actors. Gold spiked immediately as investors sought safe-haven assets amid geopolitical uncertainty. The war disrupted regional stability and raised concerns about potential escalation into a wider conflict.
Price Movement
From $1,860/oz to $2,009/oz
2 weeks
From $21.80/oz to $23.10/oz
2 weeks
Sources: Reuters, World Gold Council, Al Jazeera
Iran-Israel Direct Military Exchange
For the first time, Iran launched a direct missile and drone attack on Israeli territory in April 2024, marking a dramatic escalation from decades of proxy conflicts. The attack came in retaliation for an Israeli strike on Iran's consulate in Damascus. Israel threatened retaliation, raising fears of a direct war between the two regional powers. Gold prices surged to near-record highs as the Middle East teetered on the brink of a wider war. The incident underscored the fragility of regional stability and the risk of escalation.
Sources: BBC, Financial Times, LBMA
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