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Gold Price in 1974

The gold price rose 66.1% in 1974, from $112.25 at the end of 1973 to $186.50. Its highest close was $195.25 on Dec 30 — a record that stood until July 28, 1978, and its lowest $116.50 on Jan 2. The biggest one-day fall was −6.6% on Feb 28 and the biggest rise +6.3% on Jan 21. Adjusted for inflation, it gained 47.9%.

Change in 1974
+66.1%
$112.25 → $186.50
High
$195.25
Dec 30
Low
$116.50
Jan 2
After inflation
+47.9%
US CPI
Up days
123 of 249
longest run 8 up, 9 down
Record highs
24
closing records

Gold Price, daily closes 1974

Numbers mark the events below
$124$156$188previous recordJanFebMarAprMayJunJulAugSepOctNovDec1Jan 17: Gold sets the first of 24 record closing highs this year, at $128.35. Back above its pre-bear-market peak of $127.00 (July 6, 1973).2Jan 21: Biggest one-day rise of the year: +6.3%.3Feb 28: Biggest one-day fall of the year: −6.6%.4Jun 26: German regulators force Bankhaus Herstatt into liquidation, disrupting FX settlement.5Jul 1: Enters a bear market: 20% below its peak of $179.50 (April 3, 1974).6Jul 5: Bear market low: $134.00, 25.3% below the peak.7Aug 9: Richard Nixon resigns as US president.8Aug 14: President Ford signs Public Law 93-373, legalizing private gold ownership from December 31, 1974.9Nov 8: Back above its pre-bear-market peak of $179.50 (April 3, 1974).10Dec 30: Last record close of the year: $195.25.11Dec 31: Americans may legally own gold again; COMEX launches gold futures.

Key Events in 1974

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

  1. 1
    Thursday, January 17 From the data
    Gold sets the first of 24 record closing highs this year, at $128.35. Back above its pre-bear-market peak of $127.00 (July 6, 1973).
  2. 2
    Monday, January 21 From the data
    Biggest one-day rise of the year: +6.3%.
  3. 3
    Thursday, February 28 From the data
    Biggest one-day fall of the year: −6.6%.
  4. 4
    Wednesday, June 26
    German regulators force Bankhaus Herstatt into liquidation, disrupting FX settlement. Source
    Gold: −2.2% that day · −0.5% a month later
  5. 5
    Monday, July 1 From the data
    Enters a bear market: 20% below its peak of $179.50 (April 3, 1974).
  6. 6
    Friday, July 5 From the data
    Bear market low: $134.00, 25.3% below the peak.
  7. 7
    Friday, August 9
    Richard Nixon resigns as US president. Source
    Gold: +1.5% that day · +1.6% a month later
  8. 8
    Wednesday, August 14
    President Ford signs Public Law 93-373, legalizing private gold ownership from December 31, 1974. Source
    Gold: +3.1% that day · +1.0% a month later
  9. 9
    Friday, November 8 From the data
    Back above its pre-bear-market peak of $179.50 (April 3, 1974).
  10. 10
    Monday, December 30 From the data
    Last record close of the year: $195.25.
  11. 11
    Tuesday, December 31
    Americans may legally own gold again; COMEX launches gold futures. Source
    Gold: −4.5% that day · −8.8% a month later

Biggest days of 1974

Best daysWorst days
Jan 21+6.3%Feb 28−6.6%
Jul 29+5.7%May 28−4.8%
May 9+5.4%Dec 4−4.8%
Jul 8+5.2%Jul 10−4.6%
Nov 6+5.2%Dec 31−4.5%

Volatility: 32.6% (annualised standard deviation of daily changes).

Month by month

MonthCloseChangeHighLow
Jan$132.50+18.0%$141.00$116.50
Feb$162.50+22.6%$175.00$130.50
Mar$173.00+6.5%$177.50$159.00
Apr$169.25−2.2%$179.50$167.00
May$156.75−7.4%$169.65$154.00
Jun$144.25−8.0%$161.75$144.25
Jul$156.00+8.1%$157.50$134.00
Aug$156.000.0%$159.40$151.50
Sep$151.25−3.0%$157.75$145.40
Oct$167.00+10.4%$168.25$154.00
Nov$184.00+10.2%$190.50$167.75
Dec$186.50+1.4%$195.25$174.25

Other Markets in 1974

Change over the calendar year.

MarketChangeYear-end
Gold Price+66.1%$186.50
Dow Jones Industrial Average in 1974−27.6%616.24
S&P 500 in 1974−29.7%68.56
Nasdaq Composite in 1974−35.1%59.82
Silver in 1974+37.4%$4.47
US 10-year Treasury yield in 1974+0.50 pp7.40%
1970197119721973197419751976197719781979

Gold Price in 1974: FAQ

How much did the gold price rise in 1974?

The gold price rose 66.1% in 1974, from $112.25 at the end of 1973 to $186.50. Its highest close was $195.25 on Dec 30 — a record that stood until July 28, 1978, and its lowest $116.50 on Jan 2. The biggest one-day fall was −6.6% on Feb 28 and the biggest rise +6.3% on Jan 21. Adjusted for inflation, it gained 47.9%.

What were the highest and lowest closes of the gold price in 1974?

Highest: $195.25 on December 30, 1974. Lowest: $116.50 on January 2, 1974. It closed higher on 123 of 249 trading days.

What happened to the gold price on December 31, 1974?

Americans may legally own gold again; COMEX launches gold futures. The gold price fell 4.5% that day, and was −8.8% a month later.

Did the gold price reach a record high in 1974?

Yes — 24 record closing highs, the last at $195.25 on December 30, 1974. (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.