You have to drill through 250 tons of rock, then pulverize and chemically treat it to get enough gold to cast a single wedding ring. No wonder gold is one of the most expensive – and most sought-after – precious metals. Gold is measured in troy ounces (1/12 of a pound, or 31.1035 grams) which is 1.1 times as heavy as the avoirdupois ounce (1/16 of a pound, or 28.3495 grams).
| Year | US$ high | low |
|---|---|---|
| 2009 | 1.056.90 | 858.69 |
| 2008 | 971.06 | 760.86 |
| 2007 | 808.31 | 630.35 |
| 2006 | 676.77 | 549.43 |
| 2005 | 509.42 | 424.08 |
| 2004 | 442.97 | 383.95 |
| 2003 | 407.67 | 328.21 |
| 2002 | 333.30 | 281.76 |
| 2001 | 283.32 | 260.75 |
| 2000 | 300.85 | 265.99 |
| 1990s | 416.54 | 256.20 |
| 1980s | 674.58* | 299.83 |
| 1970s | 463.67 | 34.95 |
| 1960s | 43.46 | 35.06 |
| 1950s | 35.13 | 34.73 |
| 1800s | 20.67 | 19.39 |
*In January 1980, the gold price hit $850 amid international crisis
(the Islamic Revolution in Iran and the Soviet Union invading Afghanistan)
Source: Open Economics Gold Chart
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View Comments to “History of the gold price”
[...] Gold is virtually indestructible; almost all the gold ever mined still exists today… all 165,000 tonnes of it, only enough gold to fill two Olympic-sized swimming pools. All it would neatly fit under the Eiffel Tower. That is not a lot. That is because you’ll have to drill through 250 tonnes of rock, then pulverize it, then chemically treat it to get enough gold for only a single wedding ring. Gold also simply is beautiful to look at. These are the qualities that has always made gold one of the most sought-after precious metals with the price of an ounce trading for $1000 and more (see the history of gold prices). [...]