Gold Price in January 2004
In January 2004, gold fell 3.2%, from $415.70 at the end of December to $402.20 per troy ounce on January 30, 2004. The highest close was $426.40 on January 9, 2004, the lowest $398.50 on January 29, 2004, and the average over 19 trading days was $414.73. Today's price is 863.9% higher than the January 2004 close.
Gold ended January lower. What usually happens in February after a lower January →
- Gold fell 3.2% in US dollars in January 2004.
- Measured in other currencies, the change ranged from −5.2% in GBP to +2.4% in ZAR, because exchange rates moved too.
- It did worse than silver (+4.9%) and US stocks (+1.8%).
- It closed higher on 7 trading days and lower on 12, with an average daily move of 0.95%.
- At the end of the month it was 5.7% below its highest close since 2000.
- Gold/silver ratio: 69.8 → 64.4.
Gold price chart, January 2004
US dollars per troy ounce · daily closeGold in other currencies, January 2004
| Currency | Change in the month |
|---|---|
| ZAR | +2.4% |
| EGP | −0.7% |
| CAD | −1.3% |
| CHF | −2.0% |
| EUR | −2.3% |
| CNY | −3.2% |
| PKR | −3.4% |
| INR | −4.4% |
| JPY | −4.8% |
| GBP | −5.2% |
Price in each currency at each day's exchange rate, previous month-end to this month-end. A weaker currency makes gold rise more in local terms.
Gold vs other assets, January 2004
| Asset | Change (USD) |
|---|---|
| Gold | −3.2% |
| Silver | +4.9% |
| S&P 500 (with dividends) | +1.8% |
| US inflation (CPI, month) | +0.49% |
| Gold/silver ratio | 69.8 → 64.4 |
Month-end to month-end. US CPI is the official monthly index (not seasonally adjusted), published the following month.
Daily Gold Prices, January 2004
Closing price for every trading day, with the same price in INR and AED at that day's exchange rate.
| Date | Close (USD per oz) | Change | USD per gram | 24K India, ₹ per 10 g | 24K UAE, AED per gram |
|---|---|---|---|---|---|
| Jan 5Mon | $424.40 | +2.09% | $13.64 | ₹6,204 | AED 50.10 |
| Jan 6Tue | $422.80 | −0.38% | $13.59 | ₹6,192 | AED 49.91 |
| Jan 7Wed | $421.90 | −0.21% | $13.56 | ₹6,156 | AED 49.80 |
| Jan 8Thu | $424.00 | +0.50% | $13.63 | ₹6,198 | AED 50.05 |
| Jan 9Fri | $426.40 | +0.57% | $13.71 | ₹6,217 | AED 50.33 |
| Jan 12Mon | $426.30 | −0.02% | $13.71 | ₹6,215 | AED 50.32 |
| Jan 13Tue | $423.70 | −0.61% | $13.62 | ₹6,173 | AED 50.01 |
| Jan 14Wed | $421.70 | −0.47% | $13.56 | ₹6,146 | AED 49.78 |
| Jan 15Thu | $408.40 | −3.15% | $13.13 | ₹5,954 | AED 48.21 |
| Jan 16Fri | $406.70 | −0.42% | $13.08 | ₹5,927 | AED 48.01 |
| Jan 20Tue | $412.70 | +1.48% | $13.27 | ₹6,014 | AED 48.72 |
| Jan 21Wed | $411.10 | −0.39% | $13.22 | ₹5,988 | AED 48.53 |
| Jan 22Thu | $410.00 | −0.27% | $13.18 | ₹5,974 | AED 48.40 |
| Jan 23Fri | $407.90 | −0.51% | $13.11 | ₹5,933 | AED 48.16 |
| Jan 26Mon | $406.60 | −0.32% | $13.07 | ₹5,912 | AED 48.00 |
| Jan 27Tue | $410.00 | +0.84% | $13.18 | ₹5,968 | AED 48.40 |
| Jan 28Wed | $414.50 | +1.10% | $13.33 | ₹6,031 | AED 48.93 |
| Jan 29Thu | $398.50 | −3.86% | $12.81 | ₹5,800 | AED 47.04 |
| Jan 30Fri | $402.20 | +0.93% | $12.93 | ₹5,819 | AED 47.48 |
How January usually goes for gold
In the 20 years from 2006 to 2025, gold rose in January 14 times out of 20, with an average move of +3.5% and a median of +3.7%. Every January since 1971 →
Gold in January 2004: FAQ
What was the price of gold in January 2004?
Gold traded between $398.50 and $426.40 per troy ounce (daily closes) in January 2004, averaging $414.73. It closed the month at $402.20.
How much did gold go down in January 2004?
Gold fell 3.2%, from $415.70 to $402.20. The biggest daily rise was +2.1% on January 5, 2004 and the biggest fall −3.9% on January 29, 2004.
What was the gold price on January 5, 2004?
Gold closed at $424.40 per troy ounce on January 5, 2004, the first trading day of the month. 24K India, ₹ per 10 g: ₹6,204.
Is January usually a good month for gold?
In the 20 years from 2006 to 2025, gold rose in January 14 times out of 20, with an average move of +3.5% and a median of +3.7%. Past seasonal patterns are not a reliable guide to any single year.
How much did gold change in rupees in January 2004?
Gold fell 4.4% in Indian rupee terms in January 2004, compared with −3.2% in US dollars.
Did gold beat stocks in January 2004?
No. Gold was −3.2% for the month, against +1.8% for the S&P 500 with dividends.
Did gold keep up with inflation in January 2004?
US consumer prices (CPI) changed +0.49% in January, so gold's real (inflation-adjusted) change was about −3.7%.
Cite this page
For essays, articles and research. Prices on this page update daily, so the citations include today's date as the date you accessed it.
@misc{corgano2026goldpriceinjanuary, author = {{Corgano}}, title = {Gold Price in January 2004}, howpublished = {\url{https://goldprice.corgano.com/gold-price-history/2004/january}}, year = {2026}, note = {Corgano Gold Price, accessed 2026-10-31}}