Gold prices were mostly steady between July 2013 ($1,253.30 per troy ounce) and May 2019 ($1,276.35 per troy ounce). However, when news of a global pandemic spread across the globe, many retail, as well as commercial speculators, transferred value into gold in fear of an economic collapse. This led to an increase in gold prices to $1,976.70 by August 2020, after which the precious metal’s cost went into a steadier correction.