Gold Price in March 2004
In March 2004, gold rose 7.8%, from $396.40 at the end of February to $427.30 per troy ounce on March 31, 2004. The highest close was $427.30 on March 31, 2004, the lowest $392.40 on March 3, 2004, and the average over 23 trading days was $407.47. Today's price is 841.7% higher than the March 2004 close.
- Gold rose 7.8% in US dollars in March 2004, leaving it up 2.8% for the year to date.
- Measured in other currencies, the change ranged from +2.0% in ZAR to +9.4% in EUR, because exchange rates moved too.
- It did better than US stocks (−1.5%), and worse than silver (+18.5%).
- It closed higher on 15 trading days and lower on 8, with an average daily move of 0.87%.
- Gold/silver ratio: 59.2 → 53.8.
Gold price chart, March 2004
US dollars per troy ounce · daily closeGold in other currencies, March 2004
| Currency | Change in the month |
|---|---|
| EUR | +9.4% |
| GBP | +9.3% |
| CHF | +8.2% |
| EGP | +8.0% |
| CNY | +7.8% |
| PKR | +7.3% |
| CAD | +5.8% |
| INR | +3.4% |
| JPY | +2.8% |
| ZAR | +2.0% |
Price in each currency at each day's exchange rate, previous month-end to this month-end. A weaker currency makes gold rise more in local terms.
Gold vs other assets, March 2004
| Asset | Change (USD) |
|---|---|
| Gold | +7.8% |
| Silver | +18.5% |
| S&P 500 (with dividends) | −1.5% |
| US inflation (CPI, month) | +0.64% |
| Gold, year to date (end of March) | +2.8% |
| Gold/silver ratio | 59.2 → 53.8 |
Month-end to month-end. US CPI is the official monthly index (not seasonally adjusted), published the following month.
Key Events in March 2004
- Monday, March 8European central banks sign a second Central Bank Gold Agreement. SourceGold: −0.2% that day
Daily Gold Prices, March 2004
Closing price for every trading day, with the same price in INR and AED at that day's exchange rate.
| Date | Close (USD per oz) | Change | USD per gram | 24K India, ₹ per 10 g | 24K UAE, AED per gram |
|---|---|---|---|---|---|
| Mar 1Mon | $399.30 | +0.73% | $12.84 | ₹5,799 | AED 47.13 |
| Mar 2Tue | $393.50 | −1.45% | $12.65 | ₹5,716 | AED 46.45 |
| Mar 3Wed | $392.40 | −0.28% | $12.62 | ₹5,696 | AED 46.32 |
| Mar 4Thu | $392.90 | +0.13% | $12.63 | ₹5,713 | AED 46.38 |
| Mar 5Fri | $401.30 | +2.14% | $12.90 | ₹5,830 | AED 47.38 |
| Mar 8Mon | $400.60 | −0.17% | $12.88 | ₹5,819 | AED 47.29 |
| Mar 9Tue | $404.20 | +0.90% | $13.00 | ₹5,865 | AED 47.71 |
| Mar 10Wed | $400.00 | −1.04% | $12.86 | ₹5,801 | AED 47.22 |
| Mar 11Thu | $400.70 | +0.17% | $12.88 | ₹5,821 | AED 47.30 |
| Mar 12Fri | $395.30 | −1.35% | $12.71 | ₹5,741 | AED 46.66 |
| Mar 15Mon | $399.40 | +1.04% | $12.84 | ₹5,800 | AED 47.15 |
| Mar 16Tue | $402.40 | +0.75% | $12.94 | ₹5,841 | AED 47.50 |
| Mar 17Wed | $406.90 | +1.12% | $13.08 | ₹5,909 | AED 48.03 |
| Mar 18Thu | $411.10 | +1.03% | $13.22 | ₹5,968 | AED 48.53 |
| Mar 19Fri | $412.50 | +0.34% | $13.26 | ₹5,980 | AED 48.70 |
| Mar 22Mon | $417.40 | +1.19% | $13.42 | ₹6,049 | AED 49.27 |
| Mar 23Tue | $419.80 | +0.57% | $13.50 | ₹6,048 | AED 49.55 |
| Mar 24Wed | $417.20 | −0.62% | $13.41 | ₹5,990 | AED 49.25 |
| Mar 25Thu | $416.70 | −0.12% | $13.40 | ₹5,983 | AED 49.19 |
| Mar 26Fri | $422.10 | +1.30% | $13.57 | ₹6,039 | AED 49.83 |
| Mar 29Mon | $417.10 | −1.18% | $13.41 | ₹5,898 | AED 49.24 |
| Mar 30Tue | $421.70 | +1.10% | $13.56 | ₹5,940 | AED 49.78 |
| Mar 31Wed | $427.30 | +1.33% | $13.74 | ₹5,953 | AED 50.44 |
How March usually goes for gold
In the 20 years from 2006 to 2025, gold rose in March 10 times out of 20, with an average move of +0.8% and a median of −0.2%.
Gold in March 2004: FAQ
What was the price of gold in March 2004?
Gold traded between $392.40 and $427.30 per troy ounce (daily closes) in March 2004, averaging $407.47. It closed the month at $427.30.
How much did gold go up in March 2004?
Gold rose 7.8%, from $396.40 to $427.30. The biggest daily rise was +2.1% on March 5, 2004 and the biggest fall −1.5% on March 2, 2004.
What was the gold price on March 1, 2004?
Gold closed at $399.30 per troy ounce on March 1, 2004, the first trading day of the month. 24K India, ₹ per 10 g: ₹5,799.
Is March usually a good month for gold?
In the 20 years from 2006 to 2025, gold rose in March 10 times out of 20, with an average move of +0.8% and a median of −0.2%. Past seasonal patterns are not a reliable guide to any single year.
How much did gold change in rupees in March 2004?
Gold rose 3.4% in Indian rupee terms in March 2004, compared with +7.8% in US dollars.
Did gold beat stocks in March 2004?
Yes. Gold was +7.8% for the month, against −1.5% for the S&P 500 with dividends.
Did gold keep up with inflation in March 2004?
US consumer prices (CPI) changed +0.64% in March, so gold's real (inflation-adjusted) change was about +7.1%.