What are some highlights in historical gold prices?


Quick Answer

Since 1900 gold prices have been constantly changing, with the lowest price occurring in November 1970. The price was $219.10, while just a decade later the price reached $2,068.49. Even during the Great Depression of the 1930s, the price of gold remained around $600.

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Full Answer

After the peak in gold prices in 1980, the price of gold fell back down to $825.63 in 1982. Gold prices continued to show a downward trend until April 2001 when the price hit $349.56, the lowest price since 1970. From 2001 until 2011 there was an upward trend in gold pricing that ended in August 2011 with the gold price at $1,912.60.

The first use of gold as a recognized standard for trade occurred in 1500 BC when ancient Egypt used Nubian gold to build wealth. By 50 BC the Romans issued the first aureus, a gold coin used as payment in trades. Later, in 1792, the United States switched over to a silver-gold monetary system. This system established the value of the dollar based on grains of gold or silver. In 1900, the United States switched to the gold standard, only to be taken off of it 71 years later by President Richard Nixon.

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