Gold price history in USD
Gold averaged $35.94 an ounce in 1970 and $3,441.51 in 2025, according to World Bank annual averages. The biggest turning points were the end of dollar-gold convertibility in 1971, the 1980 spike, the 2001 low of $270.99 and the surge since 2024. January to September 2026 averaged $4,552.
What is the gold price today, compared with history?
... per troy ounce, live
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Live spot price, the wholesale price for gold delivered now (what the spot price means). The history below uses yearly averages, so a single day can be well above or below the figure for its year. For today's full price page, see gold price today in USD.
How has the gold price moved in US dollars since 1970?
For most of the 20th century the US government fixed the price. The Gold Reserve Act of January 30, 1934 raised it from $20.67 to $35 an ounce, and private Americans were not allowed to hold bullion (Federal Reserve History). That ended in two steps: foreign governments lost the right to swap dollars for gold in 1971, and Congress let US citizens own gold again in 1974. Since then the price has been set by the market.
The result is a price that has risen nearly a hundredfold in 55 years, but not in a straight line. It rose about seventeenfold between the 1970 and 1980 annual averages, then drifted down for two decades, then climbed again from 2002. Here are the headline numbers from the World Bank series.
| Milestone | Period | Average price per oz |
|---|---|---|
| Last year near the old $35 official price | 1970 (year) | $35.94 |
| First spike peak | January 1980 (month) | $675.31 |
| Lowest month since 1980 | July 1999 (month) | $256.08 |
| Lowest year since 1978 | 2001 (year) | $270.99 |
| 2011 peak | September 2011 (month) | $1,772.14 |
| Covid-era peak | August 2020 (month) | $1,968.63 |
| Highest month in the dataset | February 2026 (month) | $5,020 |
| Year to date | January to September 2026 | $4,552 |
Source: World Bank Pink Sheet. Monthly figures for 2026 are published rounded to the nearest dollar. The World Bank series is the London afternoon gold price (the LBMA benchmark) averaged over each period until May 2025 and a spot average after that.
What was the average gold price each year?
The table gives the World Bank's annual average for every year from 1970 to 2025, the change from the year before, and the same price restated in 2025 dollars. The last column uses the consumer price index for all urban consumers (CPI-U), published by the Bureau of Labor Statistics and served by the St. Louis Fed's FRED database: we multiply each year's price by the 2025 CPI average divided by that year's CPI average. Highlighted rows are the years discussed below.
| Year | Average price | Change on year | In 2025 dollars (CPI-U) |
|---|---|---|---|
| 2025 | $3,441.51 | +44.1% | $3,442 |
| 2024 | $2,387.70 | +22.9% | $2,451 |
| 2023 | $1,942.67 | +7.9% | $2,053 |
| 2022 | $1,800.60 | +0.1% | $1,981 |
| 2021 | $1,799.63 | +1.7% | $2,138 |
| 2020 | $1,770.25 | +27.1% | $2,202 |
| 2019 | $1,392.50 | +9.7% | $1,754 |
| 2018 | $1,269.23 | +0.9% | $1,627 |
| 2017 | $1,257.56 | +0.7% | $1,652 |
| 2016 | $1,248.99 | +7.6% | $1,675 |
| 2015 | $1,160.66 | -8.3% | $1,577 |
| 2014 | $1,265.58 | -10.3% | $1,721 |
| 2013 | $1,411.46 | -15.5% | $1,951 |
| 2012 | $1,669.52 | +6.4% | $2,341 |
| 2011 | $1,569.21 | +28.1% | $2,246 |
| 2010 | $1,224.66 | +25.9% | $1,808 |
| 2009 | $972.97 | +11.6% | $1,460 |
| 2008 | $871.71 | +25.1% | $1,304 |
| 2007 | $696.72 | +15.3% | $1,082 |
| 2006 | $604.34 | +35.9% | $965 |
| 2005 | $444.84 | +8.7% | $733 |
| 2004 | $409.21 | +12.6% | $697 |
| 2003 | $363.51 | +17.3% | $636 |
| 2002 | $309.97 | +14.4% | $555 |
| 2001 | $270.99 | -2.9% | $493 |
| 2000 | $279.03 | +0.1% | $522 |
| 1999 | $278.77 | -5.2% | $539 |
| 1998 | $294.16 | -11.2% | $581 |
| 1997 | $331.10 | -14.6% | $664 |
| 1996 | $387.70 | +0.9% | $796 |
| 1995 | $384.16 | +0.0% | $812 |
| 1994 | $384.01 | +6.7% | $834 |
| 1993 | $359.77 | +4.7% | $802 |
| 1992 | $343.73 | -5.1% | $789 |
| 1991 | $362.18 | -5.6% | $856 |
| 1990 | $383.47 | +0.5% | $945 |
| 1989 | $381.43 | -12.7% | $991 |
| 1988 | $437.05 | -2.1% | $1,190 |
| 1987 | $446.47 | +21.4% | $1,265 |
| 1986 | $367.69 | +15.7% | $1,079 |
| 1985 | $317.91 | -11.8% | $951 |
| 1984 | $360.48 | -14.7% | $1,117 |
| 1983 | $422.53 | +12.4% | $1,366 |
| 1982 | $375.80 | -18.3% | $1,253 |
| 1981 | $459.75 | -24.4% | $1,628 |
| 1980 | $607.86 | +98.2% | $2,376 |
| 1979 | $306.67 | +58.7% | $1,360 |
| 1978 | $193.24 | +30.8% | $954 |
| 1977 | $147.72 | +18.4% | $785 |
| 1976 | $124.82 | -22.5% | $706 |
| 1975 | $161.03 | +1.1% | $963 |
| 1974 | $159.25 | +63.6% | $1,040 |
| 1973 | $97.33 | +67.3% | $705 |
| 1972 | $58.16 | +42.5% | $448 |
| 1971 | $40.80 | +13.5% | $325 |
| 1970 | $35.94 | -12.5% | $298 |
GoldVetted calculation from the World Bank Pink Sheet annual gold prices (updated 2026) and FRED series CPIAUCSL annual averages. 1970 change is against 1969 ($41.08). No 2026 row: the year is not complete and the 2026 CPI average is not yet published. Averages, not highs or lows.
How did each decade compare?
Grouping the years shows the pattern more clearly. Two decades, the 1970s and 2000s, did most of the work. The 1990s were the only full decade when the price ended lower than it started.
| Decade | Average of annual prices | Lowest year | Highest year | Change over decade |
|---|---|---|---|---|
| 1970s | $132.49 | $35.94 (1970) | $306.67 (1979) | +646% (1969 to 1979) |
| 1980s | $417.70 | $317.91 (1985) | $607.86 (1980) | +24% (1979 to 1989) |
| 1990s | $350.90 | $278.77 (1999) | $387.70 (1996) | -27% (1989 to 1999) |
| 2000s | $522.33 | $270.99 (2001) | $972.97 (2009) | +249% (1999 to 2009) |
| 2010s | $1,346.94 | $1,160.66 (2015) | $1,669.52 (2012) | +43% (2009 to 2019) |
| 2020 to 2025 | $2,190.39 | $1,770.25 (2020) | $3,441.51 (2025) | +147% (2019 to 2025) |
Change over decade compares the last year of the previous decade with the last year of the decade. 2020 to 2025 is a partial decade. Calculated by GoldVetted from World Bank data.
What caused the biggest rises and falls?
1971: why did the end of Bretton Woods matter?
On the evening of August 15, 1971, President Nixon closed the "gold window", so foreign governments could no longer exchange dollars for gold at $35 an ounce (Federal Reserve History). With the anchor gone, gold could find its own level. The monthly average went from $40.95 in July 1971 to $43.48 by December, then the annual average climbed from $40.80 in 1971 to $159.25 in 1974, nearly four times higher. From 1974, under an act signed by President Ford, Americans could own gold bullion again.
1980: how high did gold go?
US consumer prices rose 11.3% in 1979, on the CPI-U figures used below, and buyers turned to gold. The 1980 annual average of $607.86 was almost double 1979's $306.67, and the January 1980 monthly average was $675.31. Single days went much higher: Numismatic News records about $850 in London and an $875 trading high in New York on January 21, 1980. By March 1980 the monthly average had already fallen to $553.58.
1980 to 2001: how long did the slump last?
About two decades. As inflation cooled (CPI-U rose 3.2% in 1983, down from 13.5% in 1980), the price fell to $270.99 by 2001, a 55% drop in dollar terms from 1980. After inflation the loss was much worse: in 2025 dollars the average fell from about $2,376 to about $493, a 79% fall in buying power. The lowest month came in July 1999, at $256.08, while the UK was selling about 395 tonnes of gold in 17 auctions between July 1999 and March 2002 at an average of around $275 an ounce (Bank of England). The UK side of that story is on our gold price history in pounds page.
2001 to 2011: what drove the decade-long rise?
The annual average rose every year from 2002 to 2012. Between 2001 and 2011 it went from $270.99 to $1,569.21, almost six times higher. The rise sped up after the 2008 financial crisis: 2010 and 2011 brought gains of 25.9% and 28.1%. The monthly peak came in September 2011 at $1,772.14, though on annual averages 2012 was slightly higher at $1,669.52.
2013 to 2015: how far did gold fall after 2011?
The annual average fell three years running, from $1,669.52 in 2012 to $1,160.66 in 2015, a drop of 30%. Anyone who bought near the 2011 top waited until 2020 to see the annual average back above the 2011 and 2012 levels.
2020: what happened during the pandemic?
The 2020 average rose 27.1% to $1,770.25. The monthly average peaked at $1,968.63 in August 2020, five months into the pandemic. Prices then went sideways: 2021 and 2022 both averaged about $1,800.
2024 to 2026: how big is the latest rise?
The largest in dollar terms in the whole record. The annual average gained 22.9% in 2024 and 44.1% in 2025, reaching $3,441.51. Monthly averages then went above $4,000 for the first time in October 2025 ($4,058) and reached $5,020 in February 2026. They eased after that, to $4,319 in September 2026, so the 2026 average so far is $4,552. In 2024, the yearly average also passed the 1980 average in inflation-adjusted terms for the first time.
Is gold higher than in 1980 after inflation?
Yes, but only recently, and the answer depends on whether you compare averages or single days. In 2025 dollars, the 1980 annual average equals about $2,376. The 2011 and 2012 averages, about $2,246 and $2,341, came close without passing it. The 2024 average, about $2,451, was the first to beat it, and 2025 at $3,442 is well above. Against the single-day high of about $850 in January 1980, the comparison would need a daily price index, which we do not show because CPI is only published monthly.
This is why long-run claims about gold "beating inflation" need dates attached. Bought at the 1980 average, gold lost buying power for more than 40 years. Bought at the 2001 average, it multiplied it. Our guide is gold a good investment? compares gold with stocks and bonds over the same periods.
What does gold price history not tell you?
- Averages hide extremes. A yearly average can be far from the price on the day you buy or sell.
- Spot is not what you pay. Coins and bars cost more than spot because of the dealer's markup, called the premium. On October 10, 2026, a 1 oz American Gold Eagle cost 3.33% over spot at SD Bullion and 5.45% at APMEX paying by wire (GoldVetted price check, 10 October 2026). Our premium tracker keeps those figures current.
- Tax takes a cut. The IRS taxes long-term gains on collectibles, which includes bullion coins and bars, at up to 28% (IRS Topic 409), and some states charge sales tax. See the US gold tax guide.
- History is not a forecast. The record contains a 20-year slump as well as several booms. Gold pays no interest or dividends, so the return depends entirely on the next buyer's price.
How can I use these numbers?
To see what a coin or bar would have been worth in a past year, multiply its pure gold content in troy ounces by that year's average. A 1 oz coin was worth about $608 of gold on average in 1980 and about $3,442 in 2025. To value what you own today, use the gold value calculator, or check the live gold price per gram (USD) and gold price per kilo (USD). If you are comparing where to buy, our guide to the best places to buy gold in the US ranks dealers on price, shipping and buyback.
Dealers in our latest US check include Visit SD Bullion and APMEX. Prices change through the day, so confirm on the dealer's own page before paying. This page is information, not financial advice.
Frequently asked questions
What was the price of gold in 1970?
The World Bank puts the 1970 average at $35.94 an ounce, close to the old official price of $35 set in 1934. After the inflation of the following decades, that is about $298 in 2025 dollars using the government's consumer price index, so gold has risen far faster than general prices since then.
What was the highest gold price in 1980?
The 1980 annual average was $607.86 and the January 1980 monthly average was $675.31, per World Bank data. Daily prices went higher: Numismatic News records about $850 in London and an $875 trading high in New York on January 21, 1980. Annual and monthly averages smooth out those single-day spikes.
When was gold at its lowest in recent decades?
On annual averages, 2001 was the low point at $270.99 an ounce. The lowest monthly average since 1980 came earlier, in July 1999, at $256.08, while the Bank of England was auctioning part of the UK's gold reserves. After inflation, the 2001 average is worth about $493 in 2025 dollars.
Has gold beaten its 1980 high after inflation?
Yes, on annual averages. The 1980 average of $607.86 equals about $2,376 in 2025 dollars using CPI-U. Gold stayed below that until 2024, when the average reached $2,387.70, roughly $2,451 in 2025 dollars. The 2011 to 2012 peak, around $2,250 to $2,340 in today's money, fell just short.
How much did gold go up in 2025?
The annual average rose 44.1%, from $2,387.70 in 2024 to $3,441.51 in 2025, according to the World Bank. Year-end to year-end the rise was larger: the Damodaran dataset at NYU Stern shows about 66% for 2025. The two figures differ because one averages the whole year and the other compares December prices.
What is the average gold price in 2026 so far?
World Bank monthly averages for January to September 2026 average $4,552 an ounce. February 2026 was the highest month in the dataset at $5,020, and September averaged $4,319. A full-year figure will not exist until the World Bank publishes its 2026 annual series. The live price is at the top of this page.
Does past gold performance predict future prices?
No. The record shows long rises and long falls: gold lost about 79% of its buying power between the 1980 and 2001 averages, then rose almost sixfold in dollar terms by 2011. We do not publish forecasts, and nobody can promise what gold will do next.
Sources
We checked these primary and official sources when writing and fact-checking this page.
- World Bank: Commodity Price Data (Pink Sheet), annual gold prices 1960 to 2025 and monthly prices to September 2026 ($/troy oz), monthly file updated 2 October 2026
- U.S. Bureau of Labor Statistics via FRED (St. Louis Fed): CPI for All Urban Consumers (CPIAUCSL), annual averages
- Federal Reserve History: Nixon ends convertibility of US dollars to gold (August 15, 1971)
- Federal Reserve History: Gold Reserve Act of 1934 ($20.67 to $35; private ownership allowed again from 1974)
- Bank of England Quarterly Bulletin 2003: An analysis of the UK gold auctions 1999 to 2002
- Aswath Damodaran, NYU Stern: Historical returns on stocks, bonds, bills, real estate and gold (gold year-end returns to 2025)
- Numismatic News: What is the gold record? (January 1980 highs)
- IRS Topic 409: Capital gains and losses (28% collectibles rate)
Not financial advice. GoldVetted provides general information to help you compare options. It is not personal financial, tax or legal advice. Gold prices go down as well as up, and you may get back less than you pay. Check tax rules with the official source or a qualified adviser before you act.