Gold Price Trends Through the Decades

After the U.S. abandoned the gold standard in 1971, gold was allowed to trade freely. Gold rose from about $35/oz in 1971 to around $850/oz by 1980. That was a gain of more than 2,000%.

Why it surged: High inflation, oil crisis, weak U.S. dollar, geopolitical tensions, and investors losing trust in paper currency. This was one of the strongest gold bull markets in history.

Why gold struggled: Inflation cooled down, interest rates became very high, stock markets boomed, and confidence returned to the economy. During this period, investors preferred stocks and bonds over gold.

2000–2011 — The Modern Gold Boom. Gold began another major rally in the early 2000s. Around $270/oz in 2000, it climbed to about $1,920/oz in 2011.