Gold Price Adjusted for Inflation
Gold's famous record of $850 an ounce, set on 21 January 1980, is worth about $3,660 in today's dollars, adjusted with the US consumer price index (CPI-U, latest: August 2026). At today's price of $4,133.08, gold is 12.9% above that inflation-adjusted record. Measured on monthly averages, the highest real price so far was $5,146 in February 2026 (in today's dollars).
Updated Oct 20, 2026, 11:50 ET · CPI to August 2026
Gold in today's dollars vs the price at the time
Key moments in today's dollars
| Month | Price then | Today's $ | Today vs then |
|---|---|---|---|
| August 1971 End of dollar convertibility to gold (Nixon shock) |
$43 | $353 | +1,071% |
| January 1980 Peak of the 1970s bull market (monthly average) |
$675 | $2,906 | +42% |
| April 2001 Low of the 1980–2001 bear market |
$260 | $492 | +739% |
| September 2011 2011 peak after the financial crisis |
$1,772 | $2,616 | +58% |
| December 2015 2013–2015 low |
$1,076 | $1,524 | +171% |
| August 2020 2020 pandemic high |
$1,969 | $2,538 | +63% |
| February 2026 Highest monthly average in today's dollars |
$5,020 | $5,146 | −20% |
| 21 January 1980 Record London fix (single day) | $850 | $3,660 | +13% |
"Today vs then" compares today's spot price with the inflation-adjusted price: a positive number means gold is worth more now, after inflation. "Today's dollars" means August 2026 dollars, the latest CPI month; prices since then are compared as they are.
Real vs nominal: what the chart shows
A "nominal" price is the price in the dollars of the day. Because the dollar loses purchasing power over time, old prices look small: $850 in 1980 bought as much as about $3,660 buys today.
Adjusting for inflation answers a different question — was gold more or less valuable then, in terms of what it could buy? On that measure, gold's January 1980 peak took until February 2025 to be matched, even though the nominal record fell in 2008.
This page adjusts for US inflation only. For returns in other currencies see returns by year & currency, and for daily prices since 2000 the gold price history. You can also compare gold with stocks, bitcoin and the dollar on the gold charts page.
Average Gold Price by Year, Adjusted for Inflation
Average of monthly prices, US dollars per troy ounce. "Today's $" uses CPI-U to August 2026.
| Year | Average price | In today's dollars | vs today's price |
|---|---|---|---|
| 2026 10 mo | $4,510 | $4,549 | −9% |
| 2025 | $3,442 | $3,576 | +16% |
| 2024 | $2,388 | $2,548 | +62% |
| 2023 | $1,943 | $2,136 | +94% |
| 2022 | $1,801 | $2,063 | +100% |
| 2021 | $1,800 | $2,226 | +86% |
| 2020 | $1,770 | $2,291 | +80% |
| 2019 | $1,393 | $1,824 | +127% |
| 2018 | $1,269 | $1,694 | +144% |
| 2017 | $1,258 | $1,718 | +141% |
| 2016 | $1,249 | $1,743 | +137% |
| 2015 | $1,161 | $1,641 | +152% |
| 2014 | $1,266 | $1,791 | +131% |
| 2013 | $1,412 | $2,031 | +104% |
| 2012 | $1,670 | $2,436 | +70% |
| 2011 | $1,569 | $2,335 | +77% |
| 2010 | $1,225 | $1,881 | +120% |
| 2009 | $973 | $1,519 | +172% |
| 2008 | $872 | $1,357 | +205% |
| 2007 | $697 | $1,125 | +267% |
| 2006 | $604 | $1,004 | +312% |
| 2005 | $445 | $763 | +442% |
| 2004 | $409 | $726 | +470% |
| 2003 | $364 | $662 | +524% |
| 2002 | $310 | $577 | +616% |
| 2001 | $271 | $512 | +707% |
| 2000 | $279 | $543 | +661% |
| 1999 | $279 | $561 | +637% |
| 1998 | $294 | $604 | +584% |
| 1997 | $331 | $691 | +498% |
| 1996 | $388 | $828 | +399% |
| 1995 | $384 | $845 | +389% |
| 1994 | $384 | $868 | +376% |
| 1993 | $360 | $834 | +396% |
| 1992 | $344 | $821 | +404% |
| 1991 | $362 | $891 | +364% |
| 1990 | $384 | $984 | +320% |
| 1989 | $381 | $1,031 | +301% |
| 1988 | $437 | $1,239 | +234% |
| 1987 | $446 | $1,315 | +214% |
| 1986 | $368 | $1,123 | +268% |
| 1985 | $318 | $990 | +317% |
| 1984 | $361 | $1,163 | +255% |
| 1983 | $423 | $1,423 | +191% |
| 1982 | $376 | $1,304 | +217% |
| 1981 | $460 | $1,699 | +143% |
| 1980 | $608 | $2,474 | +67% |
| 1979 | $307 | $1,407 | +194% |
| 1978 | $193 | $991 | +317% |
| 1977 | $148 | $816 | +407% |
| 1976 | $125 | $735 | +462% |
| 1975 | $161 | $1,004 | +312% |
| 1974 | $159 | $1,081 | +282% |
| 1973 | $97 | $733 | +464% |
| 1972 | $58 | $465 | +788% |
| 1971 | $41 | $338 | +1,121% |
| 1970 | $36 | $309 | +1,237% |
| 1969 | $41 | $374 | +1,005% |
| 1968 | $39 | $375 | +1,003% |
datasets/gold-prices series); US Consumer Price Index for All Urban Consumers (CPI-U, not seasonally adjusted) from the Bureau of Labor Statistics. October 2025 CPI was never published (US government shutdown), so that month uses the average of September and November. The current month uses this site's live spot price. Free to reuse with credit (CC BY 4.0).Inflation-Adjusted Gold FAQ
What is gold's inflation-adjusted all-time high?
On monthly average prices, the highest level in today's dollars was $5,146 per ounce in February 2026 ($5,020 at the time). The best-known single-day record is the London fix of $850 on 21 January 1980, which equals about $3,660 today. Gold's current price of $4,133 is 12.9% above that figure.
Is gold above its 1980 high after inflation?
Yes. Adjusted with US CPI, the January 1980 peak of $850 is about $3,660 in today's money, and gold now trades at $4,133, 12.9% higher.
How long did it take gold to recover its 1980 peak in real terms?
Using monthly averages, gold's January 1980 level ($2,906 in today's dollars) was not matched again until February 2025 — about 45 years later. In nominal terms the $850 record was first passed in January 2008.
How is the inflation-adjusted gold price calculated?
Each month's average gold price is multiplied by the latest US consumer price index (CPI-U, August 2026) and divided by the index for that month. Prices after the latest CPI month are treated as already being in today's dollars, and the current month uses the live spot price. This shows what past prices would be in today's US dollars; it does not adjust for inflation in other currencies.
Why do monthly averages show a lower 1980 peak than $850?
The $850 price lasted only a day. Gold averaged $675 over January 1980 as a whole, so the monthly series peaks lower. Monthly averages make long-run comparisons fairer because they are not dominated by single-day spikes.
Does gold keep up with inflation?
Over very long periods gold has broadly kept pace with US inflation, but not reliably over shorter ones: after January 1980 its real price fell by about 83% by April 2001 before recovering. Past performance does not predict future results, and nothing here is investment advice.