Gold Prices During Key Events
Price of gold relatively stable because the U.S. was on the gold
standard, fixed price of $20.67 per ounce.
Gold prices saw significant movement in this decade, starting at
$35 per ounce in 1970 and increasing to $512 per ounce by 1979
due to high inflation and economic uncertainty.8
At the start of 2000, gold was priced at $272 per ounce. By the
end of 2002, as markets adjusted post-bubble, it had risen to
about $348 per ounce.9
Gold started the year at around $833 per ounce and saw an
increase across the year as the recession deepened, ending at
$869, and continuing to rise in subsequent years.10
Gold was $1,517 at the start of the year and surged to $1,887 by
the year-end, reflecting its status as a stable investment during
the global economic uncertainty caused by the pandemic.8
On January 1, 2024, gold was priced at $2,063.73 per ounce11, but
it has since surged to an all-time high of $2,685.15 in September12.
This dramatic rise has been fueled by inflation, anticipated rate
cuts, global debt, and geopolitical tensions. Experts predict gold
could reach $2,900 by the end of the year or early 202513.
1929
1970's
2000's
2008
2020
2024
The Great Depression Onset
Stagflation Period
Dot-com Bubble Burst
Great Recession
COVID-19 Pandemic Onset
Record Highs Amid Economic Turmoil
8. https://fred.stlouisfed.org
9. https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart
10. https://www.usinflationcalculator.com/inflation/historical-inflation-rates/
11. https://www.cbsnews.com/news/heres-how-much-the-price-of-gold-has-increased-so-far-in-2024/
12. https://investingnews.com/daily/resource-investing/precious-metals-investing/gold-investing/highest-price-for-gold/
13. https://ca.finance.yahoo.com/news/2-big-reasons-gold-prices-233307015.html
10
PriorityGold.com