Return of the gold ‘standard’

Gold bars at the United States Mint in West Point, New York. As risk has escalated, central banks have bought more gold to stash in reserve. — Richard Perry/The New York Times

CENTRAL banks around the world have bulked up their reserves of gold, a safe but cumbersome investment that has been revived in popularity by intensifying geopolitical tensions and concerns over inflation.

This year, the price of gold exceeded US$5,000 per troy ounce for the first time in history.