Historical Gold Prices Over Time

Metal Price Sources

A Brief History of Gold Prices

Gold prices have been breaking records recently, and many experts believe there’s more room to run. For over 200 years, the price of gold barely changed. In the U.S., the official government gold price changed only four times from 1792 to 1973*:

1.    1792: $19.75/oz
2.    1834: $20.67/oz
3.    1934: $35.00/oz
4.    1972: $38.00/oz
5.    1973: $42.22/oz

It wasn’t until 1968 that a two-tier pricing system was introduced. By the early 1970s, the gold price was allowed to float freely on the open market, ending centuries of fixed-rate control.

The Most Expensive Precious Metals In The World

While gold prices are steadily increasing, the lesser-known metal rhodium has quietly taken over as the most expensive commonly traded precious metal, with a current price of $3306.203 per ounce as of todays date.

The infographic below ranks 65 metals and alloys by cost per ounce, from household staples like copper, to ultra-rare elements like californium:

By KylarMack.com

As we can see, Californium-252 is the most expensive precious metal in the world, coming in at a staggering $765 billion per ounce or $27 million per gram, although it’s not a commonly traded commodity.

Californium-252 & Other Expensive Metals Price History

AI generated image for visual comparison showing an example of one gram of californium-252 in comparison the size of a penny.

Californium-252 is one of the rarest and most expensive substances on Earth. Known for its powerful neutron-emitting properties, it’s primarily used in nuclear reactors, neutron radiography, and scientific research. Although not traded on public markets like gold or silver, its price history reflects its extreme scarcity and specialized applications — with costs rising from micrograms to millions over just a few decades. Below is a brief timeline of it’s price history:

1.    1970s: Cf-252 was priced at approximately $10 per microgram, sold by the U.S. Atomic Energy Commission to academic and industrial buyers. Metalary

2.    1999: The price increased to $60 per microgram. Metalary

3.    2020s: Estimates suggest the cost has risen to around $27 million per gram, considering production complexities and limited supply. Medium

Lesser Known Precious Metals Price History

Other expensive and lesser-known precious metals include iridium, rhodium, rubidium, and cesium. With the exception of rhodium, most of those metals are not regularly traded as commodities and are more often traded in niche markets.

This means that gold is the most popular and widely traded precious metal and currently also the most expensive.

Rhodium Quietly Taking The Top Spot

Image credit: Hi-Res Images of Chemical Elements / Wikimedia Commons Licensed under CC BY-SA 3.0

While not as popular as gold, some investors buy and trade rhodium in specific markets. You can even purchase rhodium bullion bars, although they are not as readily available as gold bars and coins.

Why Rhodium Is So Valuable

1.    Extremely rare: 1 part per 200 million in Earth’s crust

2.    Mostly a byproduct of platinum and nickel mining

3.    Hard to substitute — especially in emissions control

Rhodium is critical for clean air. It’s mainly used in automotive catalytic converters to reduce harmful NOx emissions, making it essential for global emission compliance.

Rhodium has gone through other high price spikes in the past, including:

Year	Approx. Price/oz	What Happened
2008	$10,000/oz	First major spike — driven by strong automotive demand and limited supply right before the global financial crisis.
2021	$29,800/oz	All-time high – huge demand from stricter auto emissions rules + disrupted supply from South Africa (COVID + power outages)
2023	$10,000/oz	Rebounded briefly after sharp drop, seen as a “dead cat bounce”
2024–2025	$4,000–6,000/oz R	Return to mean; price corrected with lower auto demand and market normalization

Historical Gold Prices Over Time & Rising Demand

Gold has a rich history with distinct financial, political, and cultural milestones. So, it’s no surprise that the current economic uncertainty in 2025 is directly impacting gold prices.

Below are some key points in history that drove up gold prices:

Year	Approx. Price/oz	What Happened
1934	$35 (fixed)	U.S. sets official gold price after outlawing private ownership “Gold fixed at $35/oz under FDR”
1971	$42.22  (official rate)	$70 (market rate) Nixon ends the gold standard — dollar no longer convertible to gold “Gold goes off the gold standard”
1980	$850	Inflation, oil crisis, and Iran hostage crisis drive massive price spike “Gold peaks during global uncertainty”
2008-2011	$1,900	Great Recession + QE + euro crisis push gold to new ATH “Gold hits $1,900 after 2008 crash”
2020	$2,070	Pandemic panic, global stimulus, and negative real rates “Gold reaches new all-time high in 2020”
2024-2025	$2,200-$3500 ATH	Inflation concerns, geopolitical tension, and central bank buying “Gold stays strong amid uncertainty”

Gold Rising Demands & Rising Prices

Gold has steadily risen in demand from various sectors for the past 25 years. Mining gold is extremely resource and labor-intensive, so as of 2025, the most significant supply of the growing gold demand is coming from the recycled gold industry based on data from the World Gold Council:

Gold’s High Demand and Low Supply

With the rising use of AI, technology, central banks, and investor purchasing, the price and demand for gold are continuing to rise. In addition to being purchased for jewelry and as an investment, gold also has many practical applications, making it a valuable commodity.

One interesting note is that the majority of the world’s mined gold (over 50%) is currently locked into jewelry. This creates a lucrative opportunity for the everyday person to capitalize on the growing demand and price of gold.

Below, we can see a visual representation of just how much gold is directly tied to jewelry. This image shows all the gold ever mined in human history, stacked as 400-ounce bars.

The total – 166,500 metric tons – is divided by how it’s used:

1.    The bottom layer (about half) represents gold jewelry

2.    Private investors hold the second layer

3.    The third layer belongs to governments

4.    The top layer represents industrial and other uses like electronics and medicine

Source: https://www.visualcapitalist.com/12-stunning-visualizations-of-gold-bars-show-its-rarity/

Is This A Good Time To Buy, Hold or Sell Gold?

You will hear different advice from experts on whether you should buy, hold, and sell gold, all with sound logic. Let’s explore the pros and cons of each.

Buying Gold

Pros: Although gold is at all-time highs, the demand for gold will only continue to rise in the future, so investing in gold, even in small amounts, is not a bad idea.

Cons: With current prices at all-time highs, it’s riskier now than ever to purchase gold, especially if it’s your first time. Past performance does not equal future results, and gold could dip at any moment, leaving you stuck with an investment.

Unless you plan to hold long-term, our advice is not to buy but to sell, especially if you got in early and are up on your investment.

Holding Gold

Pros: if you already hold gold and are bullish on our outlook, holding it for future gains is a good idea. Just be mindful that prices can be volatile. If you are up significantly on your investment, consider liquidating it for another asset.

Cons: If you are already up on your investment and continue to hold for too long, you might miss the current price rally. Securing gains at all-time highs is wise. If you are up significantly, selling can be a wise decision.

Selling Gold

Pros: If you purchased your gold before the current rally, selling it could be a wise financial decision. As the famous Warren Buffet once said, “Be greedy when others are fearful and fearful when others are greedy.”

With the current all-time high prices, if you can lock in a significant gain by selling, then it’s well worth considering.

Cons: It’s possible that prices will continue to rise in 2025 and beyond. If you purchase gold at its all-time high, your gains will be limited. Just make sure that you are looking at gold buying as a long-term investment since prices can be volatile.

Conclusion

With its natural rarity, gold has captured humans’ attention for centuries. With its rising demand from investors, world banks, and everyday technology applications, gold will continue to be an in-demand commodity.

While its many uses are undeniable, gold prices have seen significant fluctuations over the decades. Given the current economic climate, it’s hard to predict which direction they will continue to take.

Whether you’re looking to buy or sell, the current prices present an interesting opportunity for both buyers and sellers looking to take advantage of the rising demands. If you want a free, no-obligation estimate for your gold items, visit https://thealloymarket.com to learn more and request a free Alloy Appraisal Kit.

Barchart race sources:
Gold prices: MacroTrends, Reuters
Silver prices: MacroTrends
Platinum prices: Ycharts
Palladium prices: Ycharts
Rhodium prices: Investing.com

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