When did gold prices suffer their biggest crashes & what triggered them?

Gold has suffered sharp declines during major market upheavals, despite its reputation as a safe-haven asset. Major global falls occurred in 1980, 1983, 2008, 2013, 2015, 2022 and January 2026, driven by factors including a stronger US dollar, interest-rate expectations, and economic uncertainty. Changing investor sentiment and macroeconomic conditions can trigger steep losses even in gold.