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Gold Price in 1970

In 1970, the price of gold averaged $36 per troy ounce in the final full year of the $35 gold parity. This page covers the 1970 average, high, low, and year-end close, the events that moved the market, and what that gold would be worth in today's dollars.

1970 Average

$36

LBMA annual average, USD/oz

1970 High

$39

from daily trading data

1970 Low

$35

from daily trading data

Year-End Close

$38

last trading day of 1970

What happened to the gold price in 1970

Gold averaged $36 per troy ounce in 1970, according to LBMA annual average data. The official US gold price was still fixed at $35 per ounce in 1970 under the Bretton Woods system, and the London market price averaged within about a dollar of that parity, making 1970 the last full year before the Nixon Shock of August 1971 set gold free. Daily trading data shows gold moved between a low of $35 and a high of $39 during the year, ending 1970 at $38. The notable development of 1970: Two-tier market; gold trades near the official $35 parity.

The 1970s were gold's first decade of free trading. After President Nixon ended the dollar's convertibility to gold in August 1971, runaway inflation, two oil shocks, and Cold War tensions carried the metal from $35 toward its January 1980 peak of $850 per ounce.

Adjusted for inflation, gold's 1970 average of $36 equals about $299 in today's dollars. The conversion uses US Bureau of Labor Statistics CPI-U annual averages, so treat it as a close approximation rather than an exact figure.

Frequently Asked Questions

What was the price of gold in 1970?
Gold averaged $36 per troy ounce in 1970, based on LBMA annual average data. Daily prices ranged from a low of $35 to a high of $39, and the year closed at $38.
What is a 1970 gold price worth in today's dollars?
Adjusted with the US Consumer Price Index, gold's 1970 average of $36 works out to roughly $299 in today's dollars, using 2025 as the CPI base year. The conversion uses BLS CPI-U annual averages, so treat it as a close approximation rather than an exact figure.
What moved the gold price in 1970?
The defining story of 1970: Two-tier market; gold trades near the official $35 parity. The official US gold price was still fixed at $35 per ounce in 1970 under the Bretton Woods system, and the London market price averaged within about a dollar of that parity, making 1970 the last full year before the Nixon Shock of August 1971 set gold free.

Annual averages are LBMA prices per troy ounce in US dollars. Where shown, the yearly high, low, and close come from MetalCharts daily historical data and may differ slightly from figures published elsewhere. Inflation adjustments use BLS CPI-U annual averages.