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Gold Price in 1979

The gold price rose 126.5% in 1979, from $226.00 at the end of 1978 to $512.00. Its highest close was $512.00 on Dec 28 — a record that stood until January 2, 1980, and its lowest $216.85 on Jan 15. The biggest one-day fall was −5.6% on Oct 3 and the biggest rise +8.2% on Dec 28. Adjusted for inflation, it gained 100.0%.

Change in 1979
+126.5%
$226.00 → $512.00
High
$512.00
Dec 28
Low
$216.85
Jan 15
After inflation
+100.0%
US CPI
Up days
139 of 250
longest run 7 up, 4 down
Record highs
55
closing records

Gold Price, daily closes 1979

Numbers mark the events below
$245$364$484previous recordJanFebMarAprMayJunJulAugSepOctNovDec1Jan 16: The Shah leaves Iran during the Iranian Revolution.2Feb 5: Gold sets the first of 55 record closing highs this year, at $243.10. Back above its pre-bear-market peak of $242.75 (October 30, 1978).3Mar 13: The European Monetary System enters into force.4Jul 18: Gold closes above $300 for the first time ($302.15).5Aug 6: Paul Volcker takes office as Federal Reserve chairman.6Oct 1: Gold closes above $400 for the first time ($414.75).7Oct 3: Biggest one-day fall of the year: −5.6%.8Oct 6: Volcker announces the Fed will target bank reserves instead of the federal funds rate.9Nov 4: Students seize the US Embassy in Tehran, starting the Iran hostage crisis.10Nov 14: The US freezes about $8 billion of Iranian assets.11Dec 25: Soviet forces begin the invasion of Afghanistan.12Dec 28: Gold closes above $500 for the first time ($512.00).

Key Events in 1979

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

  1. 1
    Tuesday, January 16
    The Shah leaves Iran during the Iranian Revolution. Source
    Gold: +1.8% that day · +11.0% a month later
  2. 2
    Monday, February 5 From the data
    Gold sets the first of 55 record closing highs this year, at $243.10. Back above its pre-bear-market peak of $242.75 (October 30, 1978).
  3. 3
    Tuesday, March 13
    The European Monetary System enters into force. Source
    Gold: −0.4% that day · −0.1% a month later
  4. 4
    Wednesday, July 18 From the data
    Gold closes above $300 for the first time ($302.15).
  5. 5
    Monday, August 6
    Paul Volcker takes office as Federal Reserve chairman. Source
    Gold: −1.3% that day · +13.4% a month later
  6. 6
    Monday, October 1 From the data
    Gold closes above $400 for the first time ($414.75).
  7. 7
    Wednesday, October 3 From the data
    Biggest one-day fall of the year: −5.6%.
  8. 8
    Saturday, October 6
    Volcker announces the Fed will target bank reserves instead of the federal funds rate. Source
    Gold: −3.4% next trading day (Oct 8) · −1.0% a month later
  9. 9
    Sunday, November 4
    Students seize the US Embassy in Tehran, starting the Iran hostage crisis. Source
    Gold: +2.2% next trading day (Nov 5) · +14.9% a month later
  10. 10
    Wednesday, November 14
    The US freezes about $8 billion of Iranian assets. Source
    Gold: +0.7% that day · +15.3% a month later
  11. 11
    Tuesday, December 25
    Soviet forces begin the invasion of Afghanistan. Source
    Gold: +8.2% next trading day (Dec 28) · +42.5% a month later
  12. 12
    Friday, December 28 From the data
    Gold closes above $500 for the first time ($512.00).

Biggest days of 1979

Best daysWorst days
Dec 28+8.2%Oct 3−5.6%
Oct 10+7.1%Oct 4−4.5%
Sep 18+6.8%Oct 26−4.3%
Sep 27+5.8%Mar 5−4.0%
Feb 5+5.6%Jan 3−3.6%

Volatility: 29.2% (annualised standard deviation of daily changes).

Month by month

MonthCloseChangeHighLow
Jan$233.70+3.4%$236.10$216.85
Feb$251.30+7.5%$252.35$229.35
Mar$240.10−4.5%$248.80$238.15
Apr$245.30+2.2%$245.30$231.90
May$274.60+11.9%$274.60$246.30
Jun$277.50+1.1%$283.85$272.90
Jul$296.45+6.8%$305.90$281.35
Aug$315.10+6.3%$319.15$282.70
Sep$397.25+26.1%$397.25$322.90
Oct$382.00−3.8%$426.00$372.00
Nov$415.65+8.8%$415.65$372.80
Dec$512.00+23.2%$512.00$426.40

Other Markets in 1979

Change over the calendar year.

MarketChangeYear-end
Gold Price+126.5%$512.00
Dow Jones Industrial Average in 1979+4.2%838.74
S&P 500 in 1979+12.3%107.94
Nasdaq Composite in 1979+28.1%151.14
Silver in 1979+434.8%$32.20
US 10-year Treasury yield in 1979+1.18 pp10.33%
1970197119721973197419751976197719781979

Gold Price in 1979: FAQ

How much did the gold price rise in 1979?

The gold price rose 126.5% in 1979, from $226.00 at the end of 1978 to $512.00. Its highest close was $512.00 on Dec 28 — a record that stood until January 2, 1980, and its lowest $216.85 on Jan 15. The biggest one-day fall was −5.6% on Oct 3 and the biggest rise +8.2% on Dec 28. Adjusted for inflation, it gained 100.0%.

What were the highest and lowest closes of the gold price in 1979?

Highest: $512.00 on December 28, 1979. Lowest: $216.85 on January 15, 1979. It closed higher on 139 of 250 trading days.

What happened to the gold price on December 25, 1979?

Soviet forces begin the invasion of Afghanistan. The gold price rose 8.2% on the next trading day (December 28, 1979), and was +42.5% a month later.

Did the gold price reach a record high in 1979?

Yes — 55 record closing highs, the last at $512.00 on December 28, 1979. (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.

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APA 7
Corgano. (2026, October 31). Gold price in 1979. Corgano Gold Price. Retrieved October 31, 2026, from https://goldprice.corgano.com/market-history/gold/1979
MLA 9
“Gold Price in 1979.” Corgano Gold Price, goldprice.corgano.com/market-history/gold/1979. Accessed 31 Oct. 2026.
Chicago
Corgano. “Gold Price in 1979.” Corgano Gold Price. Accessed October 31, 2026. https://goldprice.corgano.com/market-history/gold/1979.
BibTeX
@misc{corgano2026goldpricein1979, author = {{Corgano}}, title = {Gold Price in 1979}, howpublished = {\url{https://goldprice.corgano.com/market-history/gold/1979}}, year = {2026}, note = {Corgano Gold Price, accessed 2026-10-31}}
Link
Gold Price in 1979 — Corgano Gold Price: https://goldprice.corgano.com/market-history/gold/1979