Gold prices reached a new record high of $1,430.50 per ounce on December 7th. Gold is considered a precious metal and has been used as a monetary standard for transactions for centuries. Rising gold prices draw attention because gold impacts many aspects of life. Trust in the dollar and euro is low, causing people to see gold as a safer investment during financial crises. Higher economic growth also increases demand for gold. A rising gold price affects people's investments and purchasing power. Experts predict gold prices will continue rising in the future.