Gold Price History
By Alex Capitol · Updated 2026-04-16 · Methodology
Gold has risen from $279/oz in 2000 to an all-time high of $5,589/oz on January 28, 2026 — a gain of roughly 1,900% at the peak. It currently trades around $4,800 after retracing from the Iran war spike. The biggest single-year gain was 2025 (+46%), and the worst year was 2013 (-28%). Gold has delivered positive returns in 20 of the past 26 years.
Gold Price by Year (2000–2026)
| Year | Average Price | Year-End Price | Annual Change | Key Event |
|---|---|---|---|---|
| 2000 | $279 | $274 | -5.4% | Dot-com bubble burst |
| 2001 | $271 | $276 | +0.7% | 9/11 attacks, Fed rate cuts |
| 2002 | $310 | $348 | +26.1% | Iraq War fears, dollar weakening |
| 2003 | $363 | $416 | +19.5% | Iraq War, weak dollar |
| 2004 | $409 | $438 | +5.3% | Steady central bank demand |
| 2005 | $444 | $513 | +17.1% | Hurricane Katrina, oil prices |
| 2006 | $604 | $636 | +24.0% | Iran tensions, ETF demand |
| 2007 | $695 | $838 | +31.7% | Subprime crisis begins |
| 2008 | $872 | $882 | +5.3% | Global financial crisis |
| 2009 | $972 | $1,096 | +24.3% | QE1 launched, dollar weakness |
| 2010 | $1,225 | $1,421 | +29.6% | European debt crisis, QE2 |
| 2011 | $1,572 | $1,566 | +10.2% | US debt downgrade, peak at $1,921 |
| 2012 | $1,669 | $1,676 | +7.0% | QE3 launched |
| 2013 | $1,411 | $1,205 | -28.1% | Fed taper tantrum, rising real rates |
| 2014 | $1,266 | $1,184 | -1.7% | Strong dollar, rising rates |
| 2015 | $1,160 | $1,060 | -10.5% | Fed rate hike, dollar strength |
| 2016 | $1,251 | $1,146 | +8.1% | Brexit, Trump election uncertainty |
| 2017 | $1,257 | $1,303 | +13.7% | Geopolitical tensions, weak dollar |
| 2018 | $1,268 | $1,282 | -1.6% | Strong dollar, rate hikes |
| 2019 | $1,393 | $1,517 | +18.3% | Rate cuts, trade war |
| 2020 | $1,770 | $1,898 | +25.1% | COVID-19 pandemic, peak at $2,075 |
| 2021 | $1,799 | $1,829 | -3.6% | Inflation surge, rate hike expectations |
| 2022 | $1,800 | $1,824 | -0.3% | Russia-Ukraine war, rising rates |
| 2023 | $1,940 | $2,063 | +13.1% | Banking crisis (SVB), rate peak |
| 2024 | $2,386 | $2,625 | +27.2% | Rate cuts begin, central bank buying |
| 2025 | $3,050 | $3,850 | +46.7% | Record central bank buying, de-dollarization |
| 2026* | $4,800+ | — | +25%+ YTD | ATH $5,589 (Jan 28) on Iran war; retraced to ~$4,800 |
2026 data is year-to-date as of April 2026. Average price estimated from YTD data.
Sources: LBMA PM Fix (annual averages), World Gold Council.
Gold Price by Decade
| Decade | Start Price | End Price | Total Return | Annualized |
|---|---|---|---|---|
| 2000s | $279 | $1,096 | +293% | ~14.7% |
| 2010s | $1,096 | $1,517 | +38% | ~3.3% |
| 2020s (to date) | $1,517 | $4,800+ | +216% | ~23% |
Key insight: Gold's returns are highly cyclical. The 2000s were a roaring bull market. The 2010s were flat. The 2020s have been the strongest decade yet, driven by inflation, central bank buying, and de-dollarization.
The Three Gold Bull Markets
Bull Market 1: 1971-1980 (+2,300%)
Gold went from $35 to $850 after Nixon ended the gold standard. Driven by high inflation, the oil crisis, and the Iranian Revolution. The 1980 peak wasn't exceeded for 28 years.
Bull Market 2: 2001-2011 (+650%)
Gold rose from $271 to $1,921 during the dot-com crash, Iraq War, global financial crisis, and massive QE programs. Central banks shifted from net sellers to net buyers.
Bull Market 3: 2019-Present (+260%+)
The current cycle began with Fed rate cuts in 2019, accelerated during COVID, and has been supercharged by record central bank buying, de-dollarization, and persistent inflation. The January 28, 2026 all-time high of $5,589 was driven by the US-Iran conflict, marking the fastest $1,000 move in gold's history. Read why gold is going up for the full analysis of current drivers.
What Gold's History Tells Us
Gold beats inflation over the long term
$10,000 invested in gold in 2000 is worth ~$172,000 today. The same $10,000 in a savings account would be ~$15,000. Use our gold vs inflation calculator to model any year.
Corrections are normal and temporary
Gold has had significant drawdowns: -46% (1980-1982), -28% (2013), -19% (2020 COVID crash). Every correction was eventually followed by new all-time highs. The question is how long you can hold through the pain.
Timing matters — but less than you think
The worst entry point in history was January 1980 at $850/oz. Even that buyer is now up 465%+ at $4,800. Time in the market beats timing the market for gold, just as it does for stocks. See when to buy gold for practical timing strategies.
Central bank buying is the new variable
Before 2010, central banks were net sellers. Since 2010, they've been net buyers — and the pace has accelerated to 1,000+ tonnes per year. This structural demand didn't exist in previous cycles. Read how central banks are buying record gold.
Frequently Asked Questions
What was the highest gold price ever? Gold reached an all-time high of $5,589 per troy ounce on January 28, 2026, driven by the US-Iran conflict. It has since retraced to ~$4,800 as peace negotiations began. Check the live gold price for the current value, and our analysis of what happens to gold if the Iran war ends for context.
What was the lowest gold price? In the modern era (post-1971), gold's lowest price was $100/oz in 1976. In the 2000-2026 period covered here, the lowest was $271/oz in 2001.
Does gold always go up? No. Gold had negative returns in 6 of the past 26 years (2001 was roughly flat, 2013 was the worst at -28%). However, gold has been positive in 20 of 26 years and has delivered strong long-term returns.
How does gold compare to stocks historically? From 2000-2026, gold returned ~1,620% vs the S&P 500's ~460% (with dividends reinvested). However, over 1970-2000, stocks dramatically outperformed gold. The relative performance depends entirely on the time period. See gold vs stocks for a full comparison.
Where can I see gold price charts? Our gold price page has interactive charts from 1 day to 5+ years. For prices in other currencies, see gold in Euros, Pounds, or Rupees.
Data sourced from LBMA PM Fix and World Gold Council. This page is for educational purposes only and does not constitute investment advice. Past performance does not guarantee future results.