Gold Price in 1971

In 1971, the price of gold averaged $41 per troy ounce, up 13.9% from the year before. This page covers the 1971 average, high, low, and year-end close, the events that moved the market, and what that gold would be worth in today's dollars.

1971 Average

$41

LBMA annual average, USD/oz

Change vs 1970

+13.9%

from $36 in 1970

1971 High

$44

from daily trading data

1971 Low

$38

from daily trading data

Year-End Close

$44

last trading day of 1971

What happened to the gold price in 1971

Gold averaged $41 per troy ounce in 1971, up 13.9% from $36 the year before. Daily trading data shows gold moved between a low of $38 and a high of $44 during the year, ending 1971 at $44. The notable development of 1971: Nixon ends dollar-gold convertibility.

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 1971 average of $41 equals about $326 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 1971?

Gold averaged $41 per troy ounce in 1971, based on LBMA annual average data. Daily prices ranged from a low of $38 to a high of $44, and the year closed at $44. That average was up 13.9% from $36 in 1970.

What is a 1971 gold price worth in today's dollars?

Adjusted with the US Consumer Price Index, gold's 1971 average of $41 works out to roughly $326 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 1971?

The defining story of 1971: Nixon ends dollar-gold convertibility. Against that backdrop, the annual average climbed 13.9%, from $36 in 1970 to $41.

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.