Key Dates in Gold History
Here are some key dates in gold’s trading history covering the period from the early 1970s through to January 2008 including that period when gold rose, fell and, like the phoenix, has risen again.
In August 1971, took the dollar off the gold standard. With some minor variations this had been in place since the Bretton Woods Agreement of 1944 and fixed the conversion rate for one Troy ounce of gold at $35.
In August 1972, United States devalued dollar to $38 per ounce of gold.
In March 1973, Most of the major countries adopted a floating exchange rate system.
Then in May 1973, the United States devalued dollar again, to $42.22 per ounce.
January 1980. Gold hits record high at $850 per ounce. High inflation because of strong oil prices, Soviet intervention in Afghanistan and the impact of the Iranian revolution, which prompted investors to move into the metal.
In August 1999, gold fell to an all-time low at $251.70 on concerns about central banks reducing gold bullion reserves while, at the same time mining companies were selling gold in forward markets to protect against falling prices.
In October 1999, gold reached a two-year high at $338 after an agreement by 15 European central banks to limit the gold sales.
During February 2003, gold reached 4-1/2-year high on safe-haven buying in the run-up to conflict with Iraq.
Then in December 2003 to January 2004, gold broke above $400, reaching levels last traded in 1988. Investors started to increasingly buy gold as risk insurance for portfolios.
In November 2005, the spot gold rises above $500 for the first time since December 1987, when the spot hit $502.97.
April 11, 2006, and gold prices then surpass the next big level of 600 US dollars an ounce, the highest since December 1980, with funds and investors pouring money into commodities on a weak dollar, firm oil prices and geopolitical worries.
May 12, 2006, saw gold prices peak at 730 US dollars an ounce This was the highest level since January 1980, with funds and investors pouring money into commodities on a weak dollar, firm oil prices and political tensions over Iran’s nuclear ambitions.
June 14, 2006 gold falls 26 percent to $543 from its 26-year peak after investors and speculators went on a flurry of profit taking.
Nov 7, 2007, spot gold peaks at a 28-year high of $845.40 an ounce.
Jan 2, 2008, gold breaks above $850 for the first time since 1980.
Jan 8, 2008, gold hits record $875.80. (Sources: GFMS, World Gold Council, Commodity Research Bureau and Reuters database).
Jan 12, 2008, Now gold has breached 900 dollars an ounce and looks set to reach the magical 1000 US dollars per ounce.
Sep 5, 2011 – Gold reaches $1896.50
Sep 2016 – Gold currently sits around $1300 to $1350