Gold: 40 years of turmoil
Gold prices hit a new high of $1,462.93 an ounce on Wednesday, setting a record for a second-consecutive day on inflation fears and a falling US dollar. Here, we look at the key moments in gold trading over the past 40 years.
5:48PM BST 06 Apr 2011
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In August 1971, then US President Richard Nixon took the dollar off the gold standard, which had been in place since 1944 Photo: AP
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August 1971
US President Richard Nixon takes the dollar off the gold standard, which had been in place with minor modifications since the Bretton Woods Agreement of 1944 fixed the conversion rate for one Troy ounce of gold at $35
August 1972
The US devalues the dollar to $38 per ounce of gold
March 1973
May 1973
US devalues dollar to $42.22 per ounce
January 1980
Gold hits record high of $850 per ounce. High inflation because of strong oil prices, Soviet intervention in Afghanistan and the impact of the Iranian revolution prompt investors to move into the metal
August 1999
Gold falls to a low of $251.70 on worries about central banks reducing reserves of gold bullion and mining companies selling gold in forward markets to protect against falling prices
October 1999
Gold reaches a two-year high of $338 after agreement to limit gold sales by 15 European central banks. Market sentiment towards gold begins to turn more positive
February 2003
Gold reaches a four-and-a-half year high on safe-haven buying in the run-up to the invasion of Iraq
December 2003 to January 2004
Gold breaks above $400, reaching levels last traded in 1988. Investors increasingly buy gold as risk insurance for portfolios
November 2005
Spot gold breaches $500 for the first time since December 1987, when spot hit $502.97
April 11, 2006
Gold prices surpass $600, the highest point since December 1980, with funds and investors pouring money into commodities on a weak dollar, firm oil prices and geopolitical worries
May 12
Gold prices peak at $730 an ounce with funds and investors putting money into commodities on a weak dollar, firm oil prices and political tensions over Iran's nuclear ambitions
June 14
Gold falls 26pc to $543 from its 26-year peak after investors and speculators sell out of commodity positions
November 7, 2007
Spot gold hits a 28-year high of $845.40 an ounce
January 2, 2008
Spot gold breaks above $850
March 13
Benchmark gold contract trades over $1,000 for the first time in US futures market
March 17
Spot gold hits an all-time high of $1,030.80 an ounce. US gold futures touch record peak of $1,033.90
September 17
Spot gold rises by nearly $90 an ounce, a record one-day gain, as investors seek safety amid turmoil on the equity markets
January to March 2009
Gold-backed exchange-traded funds report record inflows in the first quarter as financial sector insecurity spurs safe haven buying. Holdings of the largest, the SPDR Gold Trust GLD, rise 45pc to 1,127.44 tonnes
February 20
Gold rises back above $1,000 an ounce to a peak of $1,005.40 as investors buy bullion as a safe store of value as major economies face recession and equity markets tumble
April 24
China announces it has raised its gold reserves by three-quarters since 2003 and now holds 1,054 tonnes of the precious metal, boosting expectations it may add further to its reserves
August 7
European central banks opt to renew their earlier agreement to limit gold sales over a five-year period, setting the sales cap at 400 tonnes a year
September 8
Gold breaks back through $1,000 an ounce for the first time since February 2009 on dollar weakness and concerns over the sustainability of the economic recovery
December 1
Gold climbs above $1,200 an ounce for the first time as the dollar drops
December 3
Gold hits record high of $1,226.10 an ounce, with dollar weakness and expectations for central banks to diversify reserves into gold driving prices higher
May 11, 2010
Gold reaches fresh record high above $1,230 an ounce as fears over the contagion of debt issues in the eurozone fuel safehaven buying
June 21
Gold jumps to a new high of $1,264.90 an ounce as underlying fears over financial market stability and sovereign risk combine with dollar weakness to push the metal through resistance at its previous high
September 14
Gold climbs back to record highs, this time at $1,274.75, as global markets reflect renewed uncertainty on the economic outlook
September 16 to 22
Gold hits record highs for five successive sessions, peaking at $1,296.10, as investors flock to bullion after the Fed signals it may consider further quantitative easing, weakening the dollar and raising fears over future inflation
September 27
Spot gold prices touch the $1,300 an ounce mark for the first time
October 7
Gold rallies to a record high above $1,360 an ounce as the dollar comes under pressure from building expectations for the US Federal Reserve to take extra measures to keep interest rates low and prop up the economy
October 13
Gold jumps to record highs near $1,375 an ounce as the dollar continued to languish, with the US unit coming under pressure after minutes from the Fed's September meeting signalled the US economy may need further stimulus
November 8
Gold prices break through the $1,400 an ounce mark for the first time as haven buying prompted by renewed budget problems in Ireland more than offset a sharp dollar bounce
December 7
Gold reaches a fresh record high above $1,425 an ounce, driven by fund buying ahead of year-end, jitters over the eurozone debt crisis and speculation for further US monetary easing
January 2011
Gold prices fall more than 6pc in their worst monthly performance in more than a year as a revival in risk appetite diverts investment to higher-yielding assets
March 1
Gold recovers to hit a record high of $1,434.65 an ounce as unrest in Tunisia and Egypt spreads across the Middle East and North Africa, boosting oil prices
March 7
Gold extends record highs to $1,444.40 an ounce as oil prices hit their highest in two-and-a-half years after protests are quashed in Saudi Arabia and violence in Libya rages
March 24
The resignation of Portuguese prime minister Jose Socrates pushes the eurozone debt crisis back to centre stage, lifting gold prices to a record above $1,447 an ounce
April 6
Gold hits a record high of $1,462.93 an ounce, as the dollar slides to 14-month lows against the euro ahead of an anticipated rate rise by the European Central Bank, while unrest in the Middle East encourages safe-haven buying
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