How Many Hours of Work Does an Ounce of Gold Cost?
In 2025 an ounce of gold cost about 111 hours of work at the average US hourly wage ($31.34 per hour), against 90 hours in 1980 and 14 hours in 1964. Since 1971, gold has risen 8.0% a year in dollars against inflation of 3.9% a year. Gold averaged $3,466 an ounce in 2025.
Hours of work to buy an ounce of gold, 1964–2025
average hourly earnings of production and nonsupervisory employees, private sectorHas Gold Beaten Inflation in the US?
Yearly average gold price in USD against US consumer prices (CPI-U), compound rate a year.
| Period | Gold (per year) | Inflation (per year) | Gold after inflation, whole period |
|---|---|---|---|
| 10 years · 2014–2024 | 6.6% | 2.9% | +43% |
| 20 years · 2004–2024 | 9.3% | 2.6% | +254% |
| 30 years · 1994–2024 | 6.3% | 2.5% | +196% |
| 40 years · 1984–2024 | 4.9% | 2.8% | +121% |
| 50 years · 1974–2024 | 5.6% | 3.8% | +138% |
| 53 years · 1971–2024 | 8.0% | 3.9% | +660% |
| 111 years · 1913–2024 | 4.4% | 3.2% | +267% |
Gold's yearly average rose less than prices in 25 of 53 years since 1972: long stretches without a real gain (for example 1980–2001) are part of the record.
Gold Price by Year in USD
Per troy ounce. "2024 money" adjusts each year's average for inflation.
| Year | Average | Year-end | Change | Inflation | In 2024 money | Hours of work |
|---|---|---|---|---|---|---|
| 2026to date | $4,531 | $4,010 | +30.7% | — | — | — |
| 2025 | $3,466 | $4,341 | +44.1% | — | — | 111 |
| 2024 | $2,405 | $2,641 | +23.0% | 2.9% | $2,405 | 80 |
| 2023 | $1,955 | $2,072 | +8.3% | 4.1% | $2,012 | 68 |
| 2022 | $1,805 | $1,826 | +0.3% | 8.0% | $1,935 | 65 |
| 2021 | $1,799 | $1,829 | +1.2% | 4.7% | $2,083 | 69 |
| 2020 | $1,777 | $1,895 | +27.6% | 1.2% | $2,154 | 72 |
| 2019 | $1,393 | $1,520 | +9.9% | 1.8% | $1,709 | 59 |
| 2018 | $1,268 | $1,278 | +0.8% | 2.4% | $1,584 | 56 |
| 2017 | $1,258 | $1,306 | +0.6% | 2.1% | $1,610 | 57 |
| 2016 | $1,250 | $1,151 | +7.9% | 1.3% | $1,634 | 58 |
| 2015 | $1,159 | $1,061 | −8.5% | 0.1% | $1,534 | 55 |
| 2014 | $1,266 | $1,184 | −10.2% | 1.6% | $1,678 | 61 |
| 2013 | $1,410 | $1,202 | −15.4% | 1.5% | $1,899 | 70 |
| 2012 | $1,668 | $1,658 | +6.2% | 2.1% | $2,279 | 85 |
| 2011 | $1,571 | $1,531 | +28.2% | 3.2% | $2,191 | 81 |
| 2010 | $1,226 | $1,406 | +26.0% | 1.6% | $1,764 | 64 |
| 2009 | $973 | $1,088 | +11.6% | -0.4% | $1,423 | 52 |
| 2008 | $872 | $870 | +25.1% | 3.8% | $1,270 | 48 |
| 2007 | $697 | $834 | +15.3% | 2.9% | $1,054 | 40 |
| 2006 | $604 | $632 | +35.8% | 3.2% | $940 | 36 |
| 2005 | $445 | $513 | +8.6% | 3.4% | $715 | 28 |
| 2004 | $410 | $436 | +12.7% | 2.7% | $680 | 26 |
| 2003 | $364 | $416 | +17.2% | 2.3% | $620 | 24 |
| 2002 | $310 | $347 | +14.4% | 1.6% | $541 | 21 |
| 2001 | $271 | $277 | −2.8% | 2.8% | $480 | 19 |
| 2000 | $279 | $274 | +0.2% | 3.4% | $508 | 20 |
| 1999 | $279 | $290 | −5.2% | 2.2% | $525 | 21 |
| 1998 | $294 | $288 | −11.2% | 1.6% | $566 | 23 |
| 1997 | $331 | $290 | −14.6% | 2.3% | $647 | 26 |
| 1996 | $388 | $369 | +0.9% | 2.9% | $775 | 32 |
| 1995 | $384 | $387 | 0.0% | 2.8% | $791 | 33 |
| 1994 | $384 | $383 | +6.7% | 2.6% | $813 | 34 |
| 1993 | $360 | $392 | +4.7% | 3.0% | $782 | 33 |
| 1992 | $344 | $333 | −5.1% | 3.0% | $769 | 32 |
| 1991 | $362 | $353 | −5.6% | 4.2% | $834 | 34 |
| 1990 | $384 | $386 | +0.7% | 5.4% | $921 | 38 |
| 1989 | $381 | $399 | −12.7% | 4.8% | $964 | 39 |
| 1988 | $437 | $410 | −2.2% | 4.1% | $1,158 | 46 |
| 1987 | $447 | $484 | +21.3% | 3.7% | $1,233 | 49 |
| 1986 | $368 | $389 | +16.0% | 1.9% | $1,053 | 41 |
| 1985 | $317 | $327 | −11.9% | 3.5% | $925 | 36 |
| 1984 | $360 | $308 | −14.9% | 4.3% | $1,088 | 42 |
| 1983 | $423 | $382 | +12.8% | 3.2% | $1,333 | 52 |
| 1982 | $375 | $457 | −18.4% | 6.1% | $1,220 | 48 |
| 1981 | $460 | $398 | −25.1% | 10.3% | $1,587 | 62 |
| 1980 | $615 | $590 | +101.7% | 13.5% | $2,339 | 90 |
| 1979 | $305 | $512 | +57.5% | 11.3% | $1,317 | 48 |
| 1978 | $193 | $226 | +30.9% | 7.6% | $930 | 33 |
| 1977 | $148 | $165 | +18.5% | 6.5% | $765 | 27 |
| 1976 | $125 | $135 | −22.4% | 5.7% | $688 | 25 |
| 1975 | $161 | $140 | +1.2% | 9.1% | $938 | 34 |
| 1974 | $159 | $187 | +62.5% | 11.1% | $1,011 | 36 |
| 1973 | $97.83 | $112 | +68.0% | 6.2% | $691 | 24 |
| 1972 | $58.23 | $64.90 | +42.6% | 3.3% | $437 | 15 |
| 1971 | $40.82 | $43.62 | +13.5% | 4.3% | $316 | 11 |
| 1970 | $35.95 | $37.38 | −12.6% | 5.8% | $290 | 11 |
| 1969 | $41.11 | $35.20 | +5.9% | 5.5% | $352 | 13 |
| 1968 | $38.83 | $41.90 | +10.9% | 4.3% | $350 | 13 |
| 1967 | $35.00 | $35.00 | 0.0% | 2.8% | $329 | 12 |
| 1966 | $35.00 | $35.00 | 0.0% | 3.0% | $338 | 13 |
| 1965 | $35.00 | $35.00 | 0.0% | 1.6% | $348 | 13 |
| 1964 | $35.00 | $35.00 | 0.0% | 1.3% | $354 | 14 |
| 1963 | $35.00 | $35.00 | 0.0% | 1.2% | $359 | — |
| 1962 | $35.00 | $35.00 | 0.0% | 1.2% | $363 | — |
| 1961 | $35.00 | $35.00 | 0.0% | 1.1% | $367 | — |
| 1960 | $35.00 | $35.00 | 0.0% | 1.5% | $371 | — |
| 1959 | $35.00 | $35.00 | 0.0% | 1.0% | $377 | — |
| 1958 | $35.00 | $35.00 | 0.0% | 2.7% | $380 | — |
| 1957 | $35.00 | $35.00 | 0.0% | 3.3% | $391 | — |
| 1956 | $35.00 | $35.00 | 0.0% | 1.5% | $404 | — |
| 1955 | $35.00 | $35.00 | 0.0% | -0.3% | $410 | — |
| 1954 | $35.00 | $35.00 | 0.0% | 0.3% | $409 | — |
| 1953 | $35.00 | $35.00 | 0.0% | 0.8% | $410 | — |
| 1952 | $35.00 | $35.00 | 0.0% | 2.3% | $414 | — |
| 1951 | $35.00 | $35.00 | 0.0% | 7.9% | $423 | — |
| 1950 | $35.00 | $35.00 | 0.0% | 1.1% | $456 | — |
| 1949 | $35.00 | $35.00 | 0.0% | -1.0% | $461 | — |
| 1948 | $35.00 | $35.00 | 0.0% | 7.7% | $457 | — |
| 1947 | $35.00 | $35.00 | 0.0% | 14.4% | $492 | — |
| 1946 | $35.00 | $35.00 | 0.0% | 8.5% | $563 | — |
| 1945 | $35.00 | $35.00 | 0.0% | 2.3% | $610 | — |
| 1944 | $35.00 | $35.00 | 0.0% | 1.6% | $624 | — |
| 1943 | $35.00 | $35.00 | 0.0% | 6.0% | $634 | — |
| 1942 | $35.00 | $35.00 | 0.0% | 10.9% | $672 | — |
| 1941 | $35.00 | $35.00 | 0.0% | 5.1% | $746 | — |
| 1940 | $35.00 | $35.00 | 0.0% | 0.7% | $784 | — |
| 1939 | $35.00 | $35.00 | 0.0% | -1.3% | $789 | — |
| 1938 | $35.00 | $35.00 | 0.0% | -2.0% | $779 | — |
| 1937 | $35.00 | $35.00 | 0.0% | 3.7% | $763 | — |
| 1936 | $35.00 | $35.00 | 0.0% | 1.0% | $792 | — |
| 1935 | $35.00 | $35.00 | 0.0% | 2.6% | $800 | — |
| 1934 | $35.00 | $35.00 | +69.3% | 3.5% | $820 | — |
| 1933 | $20.67 | $20.67 | 0.0% | -5.2% | $501 | — |
| 1932 | $20.67 | $20.67 | 0.0% | -10.3% | $475 | — |
| 1931 | $20.67 | $20.67 | 0.0% | -8.9% | $426 | — |
| 1930 | $20.67 | $20.67 | 0.0% | -2.7% | $388 | — |
| 1929 | $20.67 | $20.67 | 0.0% | 0.0% | $378 | — |
| 1928 | $20.67 | $20.67 | 0.0% | -1.2% | $378 | — |
| 1927 | $20.67 | $20.67 | 0.0% | -1.9% | $374 | — |
| 1926 | $20.67 | $20.67 | 0.0% | 0.9% | $366 | — |
| 1925 | $20.67 | $20.67 | 0.0% | 2.4% | $370 | — |
| 1924 | $20.67 | $20.67 | 0.0% | 0.4% | $379 | — |
| 1923 | $20.67 | $20.67 | 0.0% | 1.8% | $380 | — |
| 1922 | $20.67 | $20.67 | 0.0% | -6.2% | $387 | — |
| 1921 | $20.67 | $20.67 | 0.0% | -10.9% | $363 | — |
| 1920 | $20.67 | $20.67 | 0.0% | 15.6% | $324 | — |
| 1919 | $20.67 | $20.67 | 0.0% | 15.2% | $374 | — |
| 1918 | $20.67 | $20.67 | 0.0% | 17.3% | $431 | — |
| 1917 | $20.67 | $20.67 | 0.0% | 17.8% | $506 | — |
| 1916 | $20.67 | $20.67 | 0.0% | 7.7% | $596 | — |
| 1915 | $20.67 | $20.67 | 0.0% | 0.9% | $641 | — |
| 1914 | $20.67 | $20.67 | 0.0% | 1.3% | $647 | — |
| 1913 | $20.67 | $20.67 | — | 3.0% | $656 | — |
FAQ
How Many Hours of Work Does an Ounce of Gold Cost?
In 2025 an ounce of gold cost about 111 hours of work at the average US hourly wage ($31.34 per hour), against 90 hours in 1980 and 14 hours in 1964. Since 1971, gold has risen 8.0% a year in dollars against inflation of 3.9% a year. Gold averaged $3,466 an ounce in 2025.
What was the price of gold in the US in 1913?
About $20.67 an ounce on average (year-end $20.67), or about $656 in 2024 money after inflation. The price was fixed by the US government then.
What was the price of gold in the US in 1934?
About $35.00 an ounce on average (year-end $35.00), or about $820 in 2024 money after inflation. The price was fixed by the US government then.
What was the price of gold in the US in 1971?
About $40.82 an ounce on average (year-end $43.62), or about $316 in 2024 money after inflation. That was 11 hours of work at the average hourly wage.
What was the price of gold in the US in 1980?
About $615 an ounce on average (year-end $590), or about $2,339 in 2024 money after inflation. That was 90 hours of work at the average hourly wage.
What was the price of gold in the US in 2000?
About $279 an ounce on average (year-end $274), or about $508 in 2024 money after inflation. That was 20 hours of work at the average hourly wage.
What was the price of gold in the US in 2010?
About $1,226 an ounce on average (year-end $1,406), or about $1,764 in 2024 money after inflation. That was 64 hours of work at the average hourly wage.
Has gold beaten inflation in the US?
Over 10 years (2014–2024): gold 6.6% a year vs inflation 2.9% a year. Over 20 years (2004–2024): gold 9.3% a year vs inflation 2.6% a year. Over 30 years (1994–2024): gold 6.3% a year vs inflation 2.5% a year. Over 40 years (1984–2024): gold 4.9% a year vs inflation 2.8% a year. Over 50 years (1974–2024): gold 5.6% a year vs inflation 3.8% a year. Over 53 years (1971–2024): gold 8.0% a year vs inflation 3.9% a year. Over 111 years (1913–2024): gold 4.4% a year vs inflation 3.2% a year. But not every year: gold's yearly average rose less than prices in 25 of 53 years since 1972, including long stretches in the 1980s and 1990s.
How is "hours of work" calculated?
The yearly average gold price in USD divided by the yearly average hourly wage: average hourly earnings of production and nonsupervisory employees, private sector. It is before tax, and an average: many people earn less or more.
Why is the early gold price flat?
Until 1971 the US government fixed the gold price ($20.67 an ounce until 1933, then $35), so before the 1970s the "gold price" was an official price, not a market one.
See also: gold price in the US today · gold adjusted for inflation · gold in India by year · what happens to gold after Fed decisions.