At $2,042 an ounce—up 2.1% on Tuesday—the has less than 1.5% to rise to hit its of $2,069.40 set in 2020. The shiny, yellow metal has gained 12% over the past month alone and is up 25% from its recent low in November. Gold prices are typically driven by three factors. An ounce of gold is worth more dollars when the value of the greenback declines. Lower bond yields mean less competition for gold, which produces no income. And greater risk aversion makes gold, humanity’s oldest store of value, more popular.