Historical data · sourced snapshots
Gold vs the Dollar Since 1971
In 1971 an ounce of gold was fixed at $35 and the dollar was convertible to it. After convertibility ended, gold began trading freely and its dollar price has since multiplied many times over. This page shows that price as a multiple of the 1971 level, using the London afternoon fix carried by FRED.
Historical chart
1971 to 2020
The London gold price as a multiple of its 1971 level, the year the dollar’s link to gold ended.
| Period | Value | Context |
|---|---|---|
| 1971 | 1.00x | Gold window reference |
| 1980 | 17.0x | Inflation-era gold spike |
| 1990 | 11.0x | Lower but elevated |
| 2000 | 7.80x | Pre-bull-market low |
| 2010 | 35.0x | Post-crisis repricing |
| 2020 | 54.0x | Hard-asset demand |
What the numbers mean
Reading the gold vs dollar history
Gold’s path is not a straight line. It spiked in 1980, spent two decades falling in real terms, and then rose sharply after 2001 and again after 2019. Whether it has kept pace with inflation depends heavily on the start and end dates chosen, which is why the market returns page lets you compare it against stocks, bonds, and cash over different windows.
Related pages
Market returns comparison · Bitcoin vs dollar · Dollar purchasing power
Sourced snapshots are rounded; the latest point is refreshed by a scheduled data update and carries its observation date. Methodology · Report a correction.
Questions
Gold vs dollar history FAQ
Is gold a reliable inflation hedge?
Over very long periods gold has roughly kept pace with prices, but over any given decade it can badly lag or wildly outrun inflation. It hedged the 1970s well and the 1980s and 1990s poorly.
Which gold price is used?
The London Bullion Market Association afternoon price in U.S. dollars per troy ounce, as published on FRED (GOLDAMGBD228NLBM).
How does gold compare with stocks after inflation?
Use the market returns comparison to see gold, the S&P 500, bonds, homes, and cash rebased to $10,000 and adjusted for CPI.