Credits

Real interest rates, inflation expectations and the dollar index are retrieved from the Federal Reserve Bank of St. Louis FRED database, series DFII10, T10YIE and DTWEXBGS respectively.

Geopolitical risk uses the Geopolitical Risk index. Cite as: Caldara, Dario and Matteo Iacoviello (2022), "Measuring Geopolitical Risk", American Economic Review, April, 112(4), pp. 1194-1225. Data from matteoiacoviello.com, used under a Creative Commons Attribution licence.

Central bank purchases, ETF flows, physical demand and mine supply are taken as limited extracts from World Gold Council Gold Demand Trends, and are credited to Metals Focus, Refinitiv GFMS and the World Gold Council. The gold price series is published by the World Gold Council.

Data on this page is redrawn and reinterpreted rather than reproduced. Figures may have been revised by their publishers since retrieval. Where a reading is derived from a source rather than quoted from it, the derivation is described in the Method tab.

Rates, the dollar and inflation expectations refresh automatically twice a day. The gold price is checked twice a day and shows the most recent settled close, so it holds over weekends and holidays. Geopolitical risk and CFTC speculative positioning refresh weekly. The four demand factors — central bank purchases, ETF flows, physical demand and mine supply — update quarterly when Gold Demand Trends is published.