Gold Price in 1978
The gold price rose 37.0% in 1978, from $164.95 at the end of 1977 to $226.00. Its highest close was $242.75 on Oct 30 — a record that stood until February 5, 1979, and its lowest $165.70 on Jan 5. The biggest one-day fall was −6.2% on Nov 1 and the biggest rise +3.7% on Jul 28. Adjusted for inflation, it gained 25.7%.
Gold Price, daily closes 1978
Numbers mark the events belowKey Events in 1978
What happened, and how the Gold moved — on the day (or the next trading day) and about a month later.
- 1
Saturday, April 1IMF Second Amendment takes effect, letting members choose their exchange-rate arrangements. SourceGold: +1.0% next trading day (Apr 3) · −7.0% a month later
- 2
Friday, July 28 From the datasets the first of 18 record closing highs this year, at $201.30. closes above $200 for the first time ($201.30). Back above its pre-bear-market peak of $195.25 (December 30, 1974). Biggest one-day rise of the year: +3.7%.
- 3
Monday, October 30 From the dataLast record close of the year: $242.75.
- 4
Wednesday, November 1Carter announces a dollar rescue package with $30 billion for intervention and a full-point Fed discount rate rise. SourceGold: −6.2% that day · −19.4% a month later
- 5
Thursday, November 30 From the dataEnters a bear market: 20% below its peak of $242.75 (October 30, 1978). Bear market low: $193.40, 20.3% below the peak.
Biggest days of 1978
| Best days | Worst days | ||
|---|---|---|---|
| Jul 28 | +3.7% | Nov 1 | −6.2% |
| Dec 18 | +3.6% | Nov 16 | −3.8% |
| Oct 30 | +3.5% | Jan 5 | −3.6% |
| Nov 7 | +3.0% | Apr 20 | −3.5% |
| Jan 3 | +2.6% | Nov 10 | −3.5% |
Volatility: 22.0% (annualised standard deviation of daily changes).
Month by month
| Month | Close | Change |
|---|---|---|
| Jan | $175.75 | +6.5% |
| Feb | $182.25 | +3.7% |
| Mar | $181.60 | −0.4% |
| Apr | $170.85 | −5.9% |
| May | $184.15 | +7.8% |
| Jun | $183.05 | −0.6% |
| Jul | $200.25 | +9.4% |
| Aug | $208.70 | +4.2% |
| Sep | $217.10 | +4.0% |
| Oct | $242.60 | +11.7% |
| Nov | $193.40 | −20.3% |
| Dec | $226.00 | +16.9% |
Other Markets in 1978
Change over the calendar year.
| Market | Change | Year-end |
|---|---|---|
| Gold Price | +37.0% | $226.00 |
| Dow Jones Industrial Average in 1978 | −3.1% | 805.01 |
| S&P 500 in 1978 | +1.1% | 96.11 |
| Nasdaq Composite in 1978 | +12.3% | 117.98 |
| Silver in 1978 | +26.6% | $6.02 |
| US 10-year Treasury yield in 1978 | +1.37 pp | 9.15% |
Gold Price in 1978: FAQ
How much did the gold price rise in 1978?
The gold price rose 37.0% in 1978, from $164.95 at the end of 1977 to $226.00. Its highest close was $242.75 on Oct 30 — a record that stood until February 5, 1979, and its lowest $165.70 on Jan 5. The biggest one-day fall was −6.2% on Nov 1 and the biggest rise +3.7% on Jul 28. Adjusted for inflation, it gained 25.7%.
What were the highest and lowest closes of the gold price in 1978?
Highest: $242.75 on October 30, 1978. Lowest: $165.70 on January 5, 1978. It closed higher on 139 of 252 trading days.
What happened to the gold price on November 1, 1978?
Carter announces a dollar rescue package with $30 billion for intervention and a full-point Fed discount rate rise. The gold price fell 6.2% that day, and was −19.4% a month later.
Did the gold price reach a record high in 1978?
Yes — 18 record closing highs, the last at $242.75 on October 30, 1978. (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.