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Gold Price in 1983

In 1983, the price of gold averaged $424 per troy ounce, up 12.8% from the year before. This page covers the 1983 average, high, low, and year-end close, the events that moved the market, and what that gold would be worth in today's dollars.

1983 Average

$424

LBMA annual average, USD/oz

Change vs 1982

+12.8%

from $376 in 1982

1983 High

$520

from daily trading data

1983 Low

$373

from daily trading data

Year-End Close

$388

last trading day of 1983

What happened to the gold price in 1983

Gold averaged $424 per troy ounce in 1983, up 12.8% from $376 the year before. Daily trading data shows gold moved between a low of $373 and a high of $520 during the year, ending 1983 at $388.

The 1980s marked the start of a two-decade bear market for gold. Paul Volcker's aggressive interest rate hikes broke the back of inflation and pushed real yields sharply higher, pulling capital out of bullion and into bonds and equities.

Adjusted for inflation, gold's 1983 average of $424 equals about $1,372 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 1983?
Gold averaged $424 per troy ounce in 1983, based on LBMA annual average data. Daily prices ranged from a low of $373 to a high of $520, and the year closed at $388. That average was up 12.8% from $376 in 1982.
What is a 1983 gold price worth in today's dollars?
Adjusted with the US Consumer Price Index, gold's 1983 average of $424 works out to roughly $1,372 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.

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.