Economic History Resources - What was the price of gold then?
This page contains a lot of information about historical gold prices as well as gold price charts. If you are considering investing in gold, you may want to look at the metal's price history. The chart at the top of the page lets you see the historical price of gold over 40 years. You can view these gold prices in different currencies, seeing how it has performed over a long period. Depending on the currency used, you may find a better long-term value. For example, since gold is usually denominated in US dollars, if the dollar is weak, buying gold in yen or euros may make gold appear relatively less expensive. On the other hand, a strong dollar due to the exchange rate can make gold more expensive relative to other currencies. You can also easily check historical gold prices on very short time horizons, from 10 minutes to three days to 30 days to 60 days and more. The timeframe you want to look at may depend on your investment objectives. If you want to buy and sell gold as a swing trader, you can focus on hourly or six-hour charts. If you want to invest in gold for the long term, you may be better off using longer timeframes like weekly, monthly, or yearly.
Why look at historical gold prices?
Looking at historical gold prices can provide potential information that can aid in buying or selling decisions. Looking at the bigger picture, gold trended higher for many years before making an all-time high of around $2000 an ounce in 2011. Gold has been on a downward trend since then, but is likely to find a bottom in 2016. Although it remains to be seen, gold's decline from its 2011 highs may prove to be just a pullback in a long-term uptrend. Examining historical gold prices can be useful for trying to buy potential areas of price support. For example, if gold returns to $1200 per ounce on several occasions but is met with buying interest every time, the $1200 area can be considered a level of support and potentially a good area to try to buy. Historical Gold in USD In addition to viewing price charts, you can also view historical gold prices in numerous alternative currencies such as British Pound, Euro, or Swiss Franc. You can even view a historical inflation-adjusted gold price chart using the 1980 CPI formula. For easy reference, this page also has a simple table showing gold prices using single-day, 30-day, six-month, one-year, five-year, and 16-year timeframes. Returns price change and percentage change.
What has changed in the price of gold?
Over the past few decades, the price of gold has been influenced by various factors. Gold prices have seen some significant ups and downs in history, and dramatic price changes can be fueled by factors such as central bank purchases, inflation, geopolitics, monetary policy, equity markets, and more. One of the biggest drivers of gold is currency value. Since gold is denominated in dollars, the greenback can have a significant impact on gold prices. A weaker dollar makes gold relatively less expensive for foreign buyers and can cause prices to rise. On the other hand, a strong dollar makes gold relatively more expensive for foreign buyers, thus possibly depressing prices. Fiat, or paper currency, tends to lose value over time. If this continues, gold could potentially continue in an uptrend as investors look to it for its perceived safety and its potential as a hedge against declining currency values. Gold has long been considered a reliable store of wealth and value, and that reputation isn't likely to change anytime soon. While past performance isn't necessarily indicative of future results, gold's price history can signal where it could potentially be headed. For example, looking at past price data can help identify uptrends or downtrends. Investors can also potentially find tradable patterns in price data that can potentially create difficult buying or selling opportunities.