Gold Price Per Ounce

Gold prices were at $35 per troy ounce from 1940 until the 1970s. In 1944, the Bretton Woods Agreement tied the gold price to the US dollar, as a legislative measure that aimed to facilitate international trade. This agreement was lifted in 1971 by President Nixon.

In March 2023, gold prices traded at around $1,913 per troy ounce, which is equivalent to an increase of more than 5000% from the levels seen in the 1940-70s when they were circa $35 per troy ounce.

The gold price experiences a certain level of fluctuation day-to-day, as well as year-on-year.

It can rise and fall depending on a variety of factors, such as increased inflation and the relative strength of the US dollar. In its current state, many analysts have argued that gold could be considered undervalued at present.

In the long-term, gold has been steadily appreciating in value, which is why investors often turn to the precious metals as an inflation hedge, rather than fiat currency. In the short-term, the gold price may fall, but the longer term, the gold market value is considered to be relatively stable.