The per-ounce price of gold reached a yearly high of $1,388.75 on March 16, 2014, according to JM Bullion. The lowest per-ounce price that year, and between 2011 and 2014 collectively, was $1,140 on November 11. The highest per-ounce price between 2011 and 2014 was $1,900.85 on September 5, 2011.
One of the main factors influencing the price of gold is supply and demand, which includes how much gold is produced each year, states Investopedia. Another factor affecting the price is the strength of the U.S. dollar. If the dollar is weak, the price of gold usually goes up, and if the dollar is strong, the price goes down. A third factor is how much gold is held by central banks, the main banks for each nation, in place of or in addition to paper currency. If they hold more gold, the price of gold increases.