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Gold Price in 1973

The gold price rose 73.0% in 1973, from $64.90 at the end of 1972 to $112.25. Its highest close was $127.00 on Jul 6 — a record that stood until January 17, 1974, and its lowest $63.90 on Jan 18. The biggest one-day fall was −7.1% on Nov 14 and the biggest rise +10.3% on Nov 28. Adjusted for inflation, it gained 59.1%.

Change in 1973
+73.0%
$64.90 → $112.25
High
$127.00
Jul 6
Low
$63.90
Jan 18
After inflation
+59.1%
US CPI
Up days
114 of 244
longest run 6 up, 10 down
Record highs
24
closing records

Gold Price, daily closes 1973

Numbers mark the events below
$70$95$121previous recordJanFebMarAprMayJunJulAugSepOctNovDec1Feb 12: US announces a 10% devaluation of the dollar against gold.2Feb 14: Japan moves the yen to a floating exchange rate.3Feb 14: Gold sets the first of 24 record closing highs this year, at $72.30.4Feb 22: Gold closes above $80 for the first time ($86.50).5Mar 19: Generalized floating begins as European Community countries jointly float against the dollar.6Mar 26: Gold closes above $90 for the first time ($90.00).7May 14: Gold closes above $100 for the first time ($102.25).8Jul 6: Last record close of the year: $127.00.9Aug 14: Enters a bear market: 20% below its peak of $127.00 (July 6, 1973).10Oct 6: Egypt and Syria attack Israel, starting the Yom Kippur War.11Oct 17: Arab oil producers announce production cuts, beginning the 1973 oil embargo.12Nov 14: Bear market low: $90.00, 29.1% below the peak. Biggest one-day fall of the year: −7.1%.13Nov 28: Biggest one-day rise of the year: +10.3%.

Key Events in 1973

What happened, and how the Gold moved — on the day (or the next trading day) and about a month later.

  1. 1
    Monday, February 12
    US announces a 10% devaluation of the dollar against gold. Source
    Gold: −0.7% next trading day (Feb 13) · +15.9% a month later
  2. 2
    Wednesday, February 14
    Japan moves the yen to a floating exchange rate. Source
    Gold: +5.5% that day · +20.7% a month later
  3. 3
    Wednesday, February 14 From the data
    Gold sets the first of 24 record closing highs this year, at $72.30.
  4. 4
    Thursday, February 22 From the data
    Gold closes above $80 for the first time ($86.50).
  5. 5
    Monday, March 19
    Generalized floating begins as European Community countries jointly float against the dollar. Source
    Gold: −0.6% that day · +9.1% a month later
  6. 6
    Monday, March 26 From the data
    Gold closes above $90 for the first time ($90.00).
  7. 7
    Monday, May 14 From the data
    Gold closes above $100 for the first time ($102.25).
  8. 8
    Friday, July 6 From the data
    Last record close of the year: $127.00.
  9. 9
    Tuesday, August 14 From the data
    Enters a bear market: 20% below its peak of $127.00 (July 6, 1973).
  10. 10
    Saturday, October 6
    Egypt and Syria attack Israel, starting the Yom Kippur War. Source
    Gold: +2.3% next trading day (Oct 8) · −0.5% a month later
  11. 11
    Wednesday, October 17
    Arab oil producers announce production cuts, beginning the 1973 oil embargo. Source
    Gold: +1.6% that day · −11.6% a month later
  12. 12
    Wednesday, November 14 From the data
    Bear market low: $90.00, 29.1% below the peak. Biggest one-day fall of the year: −7.1%.
  13. 13
    Wednesday, November 28 From the data
    Biggest one-day rise of the year: +10.3%.

Biggest days of 1973

Best daysWorst days
Nov 28+10.3%Nov 14−7.1%
Aug 16+9.6%Aug 14−6.4%
Feb 22+9.1%Feb 26−5.1%
May 15+7.6%Aug 13−4.4%
Mar 26+6.5%Jul 19−4.4%

Volatility: 35.9% (annualised standard deviation of daily changes).

Month by month

MonthCloseChangeHighLow
Jan$66.00+1.7%$66.75$63.90
Feb$85.00+28.8%$86.50$66.90
Mar$89.25+5.0%$90.00$80.00
Apr$90.25+1.1%$91.25$89.25
May$114.75+27.1%$114.75$90.30
Jun$123.25+7.4%$126.00$115.50
Jul$115.60−6.2%$127.00$114.25
Aug$103.50−10.5%$117.50$94.00
Sep$100.00−3.4%$106.10$100.00
Oct$98.00−2.0%$103.75$96.75
Nov$101.00+3.1%$101.75$90.00
Dec$112.25+11.1%$112.25$100.25

Other Markets in 1973

Change over the calendar year.

MarketChangeYear-end
Gold Price+73.0%$112.25
Dow Jones Industrial Average in 1973−16.6%850.86
S&P 500 in 1973−17.4%97.55
Nasdaq Composite in 1973−31.1%92.19
Silver in 1973+60.3%$3.26
US 10-year Treasury yield in 1973+0.49 pp6.90%
1970197119721973197419751976197719781979

Gold Price in 1973: FAQ

How much did the gold price rise in 1973?

The gold price rose 73.0% in 1973, from $64.90 at the end of 1972 to $112.25. Its highest close was $127.00 on Jul 6 — a record that stood until January 17, 1974, and its lowest $63.90 on Jan 18. The biggest one-day fall was −7.1% on Nov 14 and the biggest rise +10.3% on Nov 28. Adjusted for inflation, it gained 59.1%.

What were the highest and lowest closes of the gold price in 1973?

Highest: $127.00 on July 6, 1973. Lowest: $63.90 on January 18, 1973. It closed higher on 114 of 244 trading days.

What happened to the gold price on February 14, 1973?

Japan moves the yen to a floating exchange rate. The gold price rose 5.5% that day, and was +20.7% a month later.

Did the gold price reach a record high in 1973?

Yes — 24 record closing highs, the last at $127.00 on July 6, 1973. (Records counted from 1968, when the free market price began.)

Data: London PM fix (LBMA) from 1968 to Sep 2017, COMEX gold futures closes after that. Before 1968 the official US price: $20.67 until Oct 1933, $35 from 31 Jan 1934. Inflation: US CPI-U. Events marked "From the data" are found automatically from the closing prices; the others are researched, with the source linked. Not investment advice.