Designed to simplify the historical analysis of gold price drivers, our Gold Return Attribution Model (GRAM) helps investors:

  • Quantify how each of gold's top drivers contribute to its monthly price performance.
  • Examine how the relationship between gold and its drivers shifts over time.
  • Identify periods where existing drivers do not fully explain gold's returns - indicating possible one-off circumstances, evolving dynamics or new effects.

GRAM Chart

Data as of

Sources: Bloomberg, World Gold Council; Disclaimer