By December 2015, gold had fallen to around $1,050 an ounce, completing a four-year correction from its 2011 record. A recovering US economy, a strengthening dollar, and the Federal Reserve's first interest-rate hike in nearly a decade had sapped the metal's appeal.
In hindsight, it was the last cheap gold of the era. From this base the price would grind higher, then surge through the 2020 pandemic and on to the records of the mid-2020s. Those who bought the 2015 low were rewarded handsomely.
Key events of 2015
- 2015-12-16
The Fed lifts off
The first rate hike since 2006; gold bottoms near $1,050 as real yields firm.