In 2016, the global economy was still recovering from the economic recession of 2008. One of the key events of the year was the Brexit vote, in which the UK decided to leave the European Union. This decision had significant implications for the economy and currency markets, causing the value of the pound to drop significantly.
During this time, gold prices consistently increased, reaching a high of over £1,000 per ounce. This trend was influenced by the uncertainty surrounding the Brexit vote and the presidential election in the United States.