The status of gold as a safe-haven asset class dates back to the Bretton Woods Agreement of 1944. Because the US Federal Reserve was required to hold gold that was worth 40% of the value of the US dollar, the bank amassed about 75% of the world&#8217;s gold. For this reason, the majority of developed countries have agreed to fix their currencies against the US dollar, which is why the dollar is the global currency in the world.