Gold has remained one of the most popular and trusted precious metals in the world. One of the biggest reasons for this is the remarkable stability that gold offers.

The best thing about gold is that it is not highly correlated with stock market prices. So, when the stock market crashes, the value of gold generally increases. When the market conditions are highly volatile, the gold prices remain stable and help the government of a country to protect it from severe economic crises. 

This article will walk you through the history of gold prices and how they have changed over the years. 

Everything you should know about the gold prices history 

Similar to other precious metals, the weight of gold is measured in troy weight. Earlier, the government of the United States of America used to set the value of one US dollar in such a way that one troy ounce of gold was equal to $20.67. 

Then in 1934, the value of one troy ounce of gold was increased to $34.00. As time passed, it became more and more difficult to maintain the value of gold. Thus, to prevent the continued devaluation of gold, a pool of European and US-based banks decided to manipulate the market. 

This went on till 1968, after which certain economic circumstances resulted in the collapse of this gold pool. After this, a two-tiered gold pricing system was established. In this, the gold was used to settle international accounts at the old price of $35.00 per troy ounce, but the gold prices in the private market were left to fluctuate. 

In 1975, this gold pricing system was also abandoned and gold prices were left to fluctuate according to the conditions of the free market level. 

The changes in gold prices in the last decade 

Now that we have discussed the history of gold prices, let’s have a look at the changes in gold prices over the past 10 years. Here, the price of gold is calculated according to per troy ounce. 

• November 2012 – $1,850.34
• November 2013 – $1,602.59
• November 2014 – $1,492.63
• November 2015 – $1,333.75
• November 2016 – $1,449.77
• November 2017 – $1,548.84
• November 2018 – $1,442.57
• November 2019 – $1,687.91
• November 2020 – $2,037.94
• November 2021 – $1,903.79
• November 2022 – $1,771.36

Thus, at the time of writing this article, one troy ounce of gold is valued at $1,771.36 USD/Oz. The price of gold is evaluated and updated on an hourly basis. 

Conclusion 

So there you go! That was all about the history of gold prices and how the prices changed over the years. As you can see, the value of gold has not witnessed any wild swings in the last decade. This has made gold one of the most stable and safe investment options for the long term.