Around 305 AD, Diocletian downgraded gold to 60 coins per pound. The Americas became a rich source of gold. As Europe plundered the New World, the price dropped to 1600, where it stood at about $500 an ounce. It remained there until the industrial revolution.
Then something strange happened. Interest rates are linked to inflation, so they have historically also been closely related to gold prices. The following chart shows the price of gold since 1968, with some notable events in the gold market. When the strength of the dollar increases and inflation decreases, interest rates can be expected to fall at the same time as gold prices.
As an investor, it's important to note that gold is still traded in US dollars, which means that the price of gold in Canada can also be affected by the exchange rate. With the end of the gold standard and the availability of ingots to the general public in the United States, the history of the price of gold was about to change.