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Why has the price of gold gone up?

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People buy gold to hedge against inflation so price goes up.
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It depends on where you live, in certain places they have a higher percentage of gold being mined and processed there. If you live somewhere where its not that plentiful then the price of importing raised the price of the gold.
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Because people, when you get right down to it, are not all that bright, and buy the line that gold has "intrinsic value" of some sort. The same thing happened to gold prices in the oil crisis/recession of 1977-1979, and then gold promptly plummeted over 50% in value, and remained basically flat for a quarter of a century...some "investment", LOL!
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Gold is priced in US dollars. When the dollar falls gold rises. When oil rises the dollar falls and gold rises.
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