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Gold Price in 2008

The gold price rose 4.3% in 2008, from $833.75 at the end of 2007 to $869.75. Its highest close was $1,011 on Mar 17 — a record that stood until September 16, 2009, and its lowest $712.50 on Oct 24. The biggest one-day fall was −7.7% on Oct 13 and the biggest rise +6.2% on Nov 24. Adjusted for inflation, it gained 4.2%.

Daily COMEX prices, the year in 12 currencies and festival prices: Gold Price in 2008 →

Change in 2008
+4.3%
$833.75 → $869.75
High
$1,011
Mar 17
Low
$712.50
Oct 24
After inflation
+4.2%
US CPI
Up days
133 of 258
longest run 8 up, 8 down
Record highs
19
closing records

Gold Price, daily closes 2008

Numbers mark the events below
$741$862$983previous recordJanFebMarAprMayJunJulAugSepOctNovDec1Jan 3: sets the first of 19 record closing highs this year, at $858.85. Back above its pre-bear-market peak of $850.00 (January 21, 1980).2Jan 14: closes above $900 for the first time ($902.00).3Mar 14: closes above $1,000 for the first time ($1,004).4Mar 16: JPMorgan Chase agrees to acquire Bear Stearns for about $2 a share with Fed financing.5Aug 15: Enters a bear market: 20% below its peak of $1,011 (March 17, 2008).6Sep 7: Fannie Mae and Freddie Mac are placed into federal conservatorship.7Sep 11: Bear market low: $740.75, 26.7% below the peak.8Sep 15: Lehman Brothers files for Chapter 11 bankruptcy protection.9Oct 3: Emergency Economic Stabilization Act is signed, creating the $700 billion TARP.10Oct 13: Biggest one-day fall of the year: −7.7%.11Oct 23: Enters a bear market: 20% below its peak of $905.00 (September 29, 2008).12Oct 24: Bear market low: $712.50, 21.3% below the peak.13Nov 24: Biggest one-day rise of the year: +6.2%.14Dec 16: Fed cuts its federal funds target to a range of 0 to 0.25%.

Key Events in 2008

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

  1. 1
    Thursday, January 3 From the data
    sets the first of 19 record closing highs this year, at $858.85. Back above its pre-bear-market peak of $850.00 (January 21, 1980).
  2. 2
    Monday, January 14 From the data
    closes above $900 for the first time ($902.00).
  3. 3
    Friday, March 14 From the data
    closes above $1,000 for the first time ($1,004).
  4. 4
    Sunday, March 16
    JPMorgan Chase agrees to acquire Bear Stearns for about $2 a share with Fed financing. Source
    Gold: +0.8% next trading day (Mar 17) · −7.3% a month later
  5. 5
    Friday, August 15 From the data
    Enters a bear market: 20% below its peak of $1,011 (March 17, 2008).
  6. 6
    Sunday, September 7
    Fannie Mae and Freddie Mac are placed into federal conservatorship. Source
    Gold: −0.1% next trading day (Sep 8) · +8.3% a month later
  7. 7
    Thursday, September 11 From the data
    Bear market low: $740.75, 26.7% below the peak.
  8. 8
    Monday, September 15
    Lehman Brothers files for Chapter 11 bankruptcy protection. Source
    Gold: +3.3% that day · +10.8% a month later
  9. 9
    Friday, October 3
    Emergency Economic Stabilization Act is signed, creating the $700 billion TARP. Source
    Gold: −2.8% that day · −14.2% a month later
  10. 10
    Monday, October 13 From the data
    Biggest one-day fall of the year: −7.7%.
  11. 11
    Thursday, October 23 From the data
    Enters a bear market: 20% below its peak of $905.00 (September 29, 2008).
  12. 12
    Friday, October 24 From the data
    Bear market low: $712.50, 21.3% below the peak.
  13. 13
    Monday, November 24 From the data
    Biggest one-day rise of the year: +6.2%.
  14. 14
    Tuesday, December 16
    Fed cuts its federal funds target to a range of 0 to 0.25%. Source
    Gold: +1.5% that day · −1.9% a month later

Biggest days of 2008

Best daysWorst days
Nov 24+6.2%Oct 13−7.7%
Sep 18+6.2%Oct 16−5.3%
Oct 6+5.7%Apr 1−4.9%
Nov 21+4.9%Mar 19−4.8%
Nov 14+4.8%Sep 11−4.5%

Volatility: 31.1% (annualised standard deviation of daily changes).

Month by month

MonthCloseChangeHighLow
Jan$923.25+10.7%$924.50$846.75
Feb$971.50+5.2%$971.50$887.50
Mar$933.50−3.9%$1,011$918.30
Apr$871.00−6.7%$946.00$871.00
May$885.75+1.7%$927.50$853.00
Jun$930.25+5.0%$930.25$862.25
Jul$918.00−1.3%$986.00$897.50
Aug$833.00−9.3%$912.50$786.50
Sep$884.50+6.2%$905.00$740.75
Oct$730.75−17.4%$903.50$712.50
Nov$814.50+11.5%$822.50$713.50
Dec$869.75+6.8%$880.25$749.00

Other Markets in 2008

Change over the calendar year.

MarketChangeYear-end
Gold Price+4.3%$869.75
Dow Jones Industrial Average in 2008−33.8%8,776.39
S&P 500 in 2008−38.5%903.25
Nasdaq Composite in 2008−40.5%1,577.03
Russell 2000 in 2008−34.8%499.45
Nikkei 225 in 2008−42.1%8,859.56
Silver in 2008−26.9%$10.79
WTI crude oil in 2008−53.5%$44.60
Brent crude oil in 2008−61.8%$35.82
US 10-year Treasury yield in 2008−1.79 pp2.25%
2000200120022003200420052006200720082009

Gold Price in 2008: FAQ

How much did the gold price rise in 2008?

The gold price rose 4.3% in 2008, from $833.75 at the end of 2007 to $869.75. Its highest close was $1,011 on Mar 17 — a record that stood until September 16, 2009, and its lowest $712.50 on Oct 24. The biggest one-day fall was −7.7% on Oct 13 and the biggest rise +6.2% on Nov 24. Adjusted for inflation, it gained 4.2%.

What were the highest and lowest closes of the gold price in 2008?

Highest: $1,011 on March 17, 2008. Lowest: $712.50 on October 24, 2008. It closed higher on 133 of 258 trading days.

What happened to the gold price on September 15, 2008?

Lehman Brothers files for Chapter 11 bankruptcy protection. The gold price rose 3.3% that day, and was +10.8% a month later.

Did the gold price reach a record high in 2008?

Yes — 19 record closing highs, the last at $1,011 on March 17, 2008. (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.