Gold’s historical price performance was first tracked in 1833 before it entered the commodity markets in 1849. The XAU/USD index, which tracks the performance of gold shows the precious metal around the $2,325 mark on Thursday. It is up nearly 10 points in the day’s trade surging by 0.41% in the last 24 hours. Gold is among the top-performing assets in 2024 and spiked by close to 14% in the last four months.
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Since the start of January 2024, the precious metal has printed new highs every month. Investors who took an entry position early this year made stellar profits raising the bullish prospects of gold prices. In this article, we will highlight the historical average price of gold from the year 1849 to 2024.
Tracking The Historical Average Gold Price From 1849 to 2024
Since ancient times, gold has been considered a store of value and a precious asset to own. During the 19th century, a handful of nations adopted the gold standard by tying their respective local currencies to the value of the precious metal. The era saw relatively stable prices as the exchange rates between currencies and the precious metal were fixed. Things took a U-turn after the historical average price of gold ended up trading in the commodity market.
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Here’s the historical average price of gold from the year 1849 to 2024
| Year | Historical Average Gold Price Per Ounce |
| 1833-49 | $18.93 |
| 1945 | $34.71 |
| 1972 | $58.42 |
| 1975 | $160.86 |
| 1979 | $306 |
| 1980 | $615 |
| 2010 | $1,224.53 |
| 2020 | $1,773.73 |
| 2022 | $1,801.87 |
| 2023 | $1,934.86 |
| 2024 | $2,325 |
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The historical average price of gold has surged massively over the last five decades. Both retail and institutional investors along with central banks are on an accumulating spree this year. The move could push the prices of the precious metal much higher by the end of the year.