The price of gold reached $3,000 USD per ounce for the first time in history on 14 March 2025. The gold price was pegged to the USD at $35 USD oz up until 1971. This timeline shows significant milestones along the way of the rising price of gold from $35 to $3,000 USD per ounce.
Gold Price History
Gold has been used as a form of currency for thousands of years. For the modern era though it’s more instructive to view the gold price starting from the end of the gold-backed US dollar in 1971.
This time line charts the annual price of gold and historical milestones on the way.
1 January 1971: $37.44/oz
15 August 1971: $40.95/oz – The Nixon Shock.
Nixon ends convertibility of US Dollars to gold and announces wage/price controls.
“Since 1958, when the Bretton Woods system became operational, countries settled their international balances in dollars, and US dollars were convertible to gold at a fixed exchange rate of $35 an ounce. The United States had the responsibility of keeping the dollar price of gold fixed and had to adjust the supply of dollars to maintain confidence in future gold convertibility.”
“On the evening of August 15, 1971, Nixon addressed the nation on a new economic policy that not only was intended to correct the balance of payments but also stave off inflation and lower the unemployment rate.
The first order was for the gold window to be closed. Foreign governments could no longer exchange their dollars for gold”.
The Challenge of Peace – President Nixon’s Address to the Nation on A New Economic Policy.
3 January 1972: $43.48/oz
1 January 1973: $63.91/oz
1 January 1974: $106.72/oz
9 August 1974: $142.98/oz
Nixon resigns.
14 August 1974: $142.98/oz
Ford administration passes a law ending the prohibition of gold ownership. Public Law No: 93-373 (08/14/1974):
“Repeals the prohibitions on purchasing, holding, selling, or otherwise dealing in gold in the United States or abroad, effective either on December 31, 1974, or at any time prior to such date that the President finds and reports to Congress that private ownership of gold will not adversely affect the U.S. monetary position.”
1 January 1975: $183.85/oz
From the 1st of January 1975 gold can now be owned in the U.S. without any restrictions.
1 January 1976: 140.25/oz
3 January 1977: 134.50/oz
2 January 1978: 164.95/oz
1 January 1979: 226.00/oz
16 January 1979: 220.65/oz
1979 oil crisis. “On January 16, 1979, the Shah and his wife left Iran at the behest of Prime Minister Shapour Bakhtiar”.
1 January 1980: $512.00/oz
21 January 1980: $850.00/oz
The gold spike of January 1980 saw the gold price reach $850 per ounce. In hindsight it marked the end of gold bull market that had been running since Nixon untethered the US Dollar from gold in 1971.
1 January 1981: $589.75/oz
1 January 1982: $397.50/oz
3 January 1983: $454.00/oz
2 January 1984: $382.40/oz
1 January 1985: $309.00/oz
1 January 1986: $326.80/oz
1 January 1987: $388.75/oz
1 January 1988: $484.10/oz
2 January 1989: $410.25/oz
1 January 1990: $398.60/oz
1 January 1991: $386.20/oz
1 January 1992: $350.60/oz
1 January 1993: $332.90/oz
3 January 1994: $391.75/oz
2 January 1995: $383.25/oz
1 January 1996: $387.00/oz
1 January 1997: $369.25/oz
1 January 1998: $290.20/oz
1 January 1999: $287.80/oz
7 May 1999: $282.40/oz
Gordon Brown announces sale of UK gold reserves.
20 July 1999: $252.80/oz
Gold reached a low point of US$252.80 on 20 July.
3 January 2000: $290.25/oz
1 January 2001: $274.45/oz
11 September 2001: $287.00/oz
On September 11, 2001, 19 militants associated with the Islamic extremist group al Qaeda hijacked four airplanes and carried out suicide attacks against targets in the United States. The price of gold didn’t spike like it did in 1980, but you can mark this time period as when the gold price began its next bull run.
1 January 2002: $276.50/oz
1 January 2003: $347.20/oz
1 January 2004: $416.25/oz
3 January 2005: $435.60/oz
2 January 2006: $513.00/oz
1 January 2007: $632.00/oz
1 January 2008: $833.75/oz
3 January 2008: $867.90/oz
Gold reaches new high of 867.90/oz, breaking the record set in 1980.
14 March 2008: $1,000.00/oz
Gold breaks through the $1,000/oz barrier for the first time.
24 October 2008: $712.50/oz
Gold reaches its lowest price during the global financial crisis. In the same month the US stock markets suffer worst week on record. The Dow Jones fell 21% over a week, making it the biggest fall since Black Monday in October 1987.
1 January 2009: $869.75/oz
1 January 2010: $1,087.50/oz
3 January 2011: $1405.50/oz
22 August 2011: $1,900.00/oz
Gold passes the $1,900 mark for the first time.
23 August 2011: $1,917.90/oz
Gold price hits an all-time high of $1,917.90 an ounce.
2 January 2012: $1,531.00/oz
1 January 2013: $1,657.50/oz
1 January 2014: $1,204.50/oz
1 January 2015: $1,206.00/oz
17 December 2015: $1,049.40/oz
After reaching new highs in 2011, gold entered a bear market that saw it nearly going back under $1,000/oz before starting its recovery.
1 January 2016: $1,060.00/oz
3 January 2017: $1,145.90/oz
2 March 2017: $1,238.10/oz
Bitcoin’s price reached parity with the per-ounce spot price of gold.
2 January 2018: $1,291.00/oz
1 January 2019: $1,281.65/oz
2 January 2020: $1,527.10/oz
23 January 2020: $1,564.60/oz
Wuhan lockdown: China takes extreme measures to stop virus spread
27 July 2020: $1,942.00/oz
Gold passes all-time record high on 27 July 2020 to close at $1,942 USD/oz. The previous record high reached $1,917 USD/oz in August 2011.
4 August 2020: $2,017.00/oz
Gold price surges over $2,000/oz for the first time in history.
6 August 2020: $2,075.00/oz
$2,075 USD is the all time high price of gold per ounce, reached on the 6th of August 2020.
1 January 2021: $1,893.66/oz
15 August 2021: $1,779.67/oz
50th anniversary of the Nixon Shock.
Nixon broke with gold 50 years ago. What comes next?
1 January 2022: $1,827.49/oz
24 February 2022: $1,908.90/oz
1 January 2023: $1,823.91/oz
4 May 2023: $2,078.00/oz
Gold price spikes to record as US Fed goes ‘data dependent’ amid banking crisis
“Topping August 2020’s intraday record of $2075 by $3 per ounce, the overnight spike in spot gold was followed by a 0.9% rise for the day to Thursday morning’s LBMA Gold Price and then a 1.5% day-on-day rise towards $2045 at the PM fixing.”
4 December 2023: $2,148.00/oz
Gold Price surges to the all-time high above $2,130 on weaker US, Fed rate cut bet
“Gold price attracts some buyers above the $2,100 mark and has reached the record high of $2,148.”
2 January 2024: $2,067.55/oz
19 April 2024: $2,400/oz
Gold surges past $2,400 on Middle East conflict concerns
2 August 2024: $2,500/oz
Gold price surpasses $2,500 for first time ever
“Gold surpassed $2,500 per ounce for the first time in history on Friday in the wake of rising geopolitical tensions and new data indicating a weakening US economy.”
The $2,500/oz milestone meant that 400 oz gold bars are worth one million dollars for the first time.
[400 oz Gold Bar.]
20 September 2024: $2,621/oz
Gold records all-time high, surpasses $2,600
“Gold prices climbed past $2,600, recording new all-time highs amid increasing speculation that the Federal Reserve (Fed) will continue to lower borrowing costs and heightened tensions between Israel and Hezbollah in the Middle East. The XAU/USD trades at $2,621, up 1.37%.”
17 October 2024: $2,706.81/oz
Gold tops $2700 for first time to extend record-breaking run
“Gold topped $2,700 an ounce for the first time, as concerns over escalating conflicts in the Middle East saw investors flock to safety.
Bullion climbed as much as 0.5% to $2,706.81 an ounce, after Israel said it killed Hamas leader Yahya Sinwar, the architect of the Palestinian group’s attack on southern Israel that triggered a year-long war in Gaza.”
1 January 2025: $2,623.82/oz
31 January 2025: $2,817.23/oz
Gold surges past $2,800 as tariff threats reignite record rally
“Spot gold rose 0.3% to $2,801.29 per ounce by 01:41 p.m. ET (1841 GMT), after hitting a record peak of $2,817.23 earlier in the session.”
14 March 2025: $3,004.71/oz
Gold price makes history with $3,000 milestone
“Spot gold hit its new record of $3,004.71 per ounce during the morning trading hours, before pulling back to its near-opening price of $2,983.35 by 10:40 a.m. ET.”
Gold price forecasts
For future gold prices visit the gold price predictions page, where leading gold experts make their forecasts.
Some gold analysts are predicting that gold can surpass $10,000 USD per ounce. Here is a full list of $10,000 per ounce gold price predictions.
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Gold price disclaimer
The quoted gold prices and chart are from the World Gold Council. Prices move throughout the day, and there may be differences with other charts using spot price or regional prices. The prices quoted on this page are as a guide.
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