Gold: the safe-haven asset
Gold. Market fear and the dollar.
Updated
What is it?
The price of gold, the classic refuge in times of fear.
The safe-haven asset par excellence. Sharp rises indicate panic flows and flight from the soundness of fiat money. Shown as context; not scored.
Why does it matter?
Not scored: it is at record highs, so its price on its own tells us nothing. Shown for reference.
When should it be a concern?
This data point is not scored in the risk index: it is shown for reference. Gold has been at record highs for some time, so its price on its own does not tell a normal situation from a crisis. Its effect is captured through the copper/gold ratio.
Spot gold in past crises
Since September 2000, its weekly low was 257.9 $/oz (Mar 2001) and its high was 5,247.9 $/oz (Feb 2026). The typical level (the median) is 1,256.9 $/oz.
| Crisis | At the start | High during the crisis |
|---|---|---|
| Dot-com bubble and 2001 recession | — | 326.5 $/oz (May 2002) |
| Global Financial Crisis 2007-09 | 741.3 $/oz | 1,001.8 $/oz (Feb 2009) |
| European debt crisis 2011 | 1,556.0 $/oz | 1,873.7 $/oz (Sep 2011) |
| 2015-16 market scare | 1,225.5 $/oz | 1,225.5 $/oz (May 2015) |
| Q4 2018 sell-off | 1,195.0 $/oz | 1,253.8 $/oz (Dec 2018) |
| COVID panic 2020 | 1,582.7 $/oz | 1,753.4 $/oz (May 2020) |
| 2022 bear market | 1,828.6 $/oz | 1,985.0 $/oz (Mar 2022) |
Weekly data. Crises that do not appear predate the series.
How does Crisis Monitor use it?
- Area: Markets, currency and safe havens (15% of the index). Fear in the stock market, the strength of the dollar and whether investors are rushing to safe havens.
- When does it move? Moves with the crisis.
- Data frequency: daily.
- Quick alarm: No.
The index combines 17 indicators. See the methodology to learn how it is calculated.
Data source
Yahoo Finance (GC=F). Data may arrive late and does not constitute financial advice.
Frequently asked questions
Does gold always rise in a crisis?
Not always. In the first moments of panic, as in October 2008 or March 2020, it also fell because investors were selling everything to raise cash. It recovered afterwards.
Why is gold not scored in the index?
Because it has been at record highs for some time and its price, on its own, does not distinguish a normal situation from a crisis. Its effect comes in through the copper/gold ratio.