The first and foremost factor that pushes up the price of gold is global uncertainty. Here we are referring to political and geopolitical uncertainty. Let us go back to the biggest Bull Run in gold between 1971 and 1980. The period began with the crumbling of the Breton Woods formula. Later in 1973 there was the Arab-Israeli war. Unhappy with the US support to Israel, Saudi Arabia imposed an embargo on exports of oil to the US, which almost brought the world to the brink of war. Then through the mid-70s, Iran was unstable and it eventually culminated in the ill-fated Iran-Iraq war which dragged on for over 9 years. Finally, in late 1979, Russia (then USSR) invaded Afghanistan making South Asia the new theatre of the Cold War. The intensity of the Cold War and the troubles in the Middle East and West Asia resulted in one of the largest rallies in gold prices. Even today, political and geopolitical uncertainty remains the biggest factor driving the price of gold.