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Gold Price in 1989

In 1989, the price of gold averaged $381 per troy ounce, down 12.8% from the year before. This page covers the 1989 average, high, low, and year-end close, the events that moved the market, and what that gold would be worth in today's dollars.

1989 Average

$381

LBMA annual average, USD/oz

Change vs 1988

-12.8%

from $437 in 1988

1989 High

$424

from daily trading data

1989 Low

$361

from daily trading data

Year-End Close

$405

last trading day of 1989

What happened to the gold price in 1989

Gold averaged $381 per troy ounce in 1989, down 12.8% from $437 the year before. Daily trading data shows gold moved between a low of $361 and a high of $424 during the year, ending 1989 at $405. The notable development of 1989: Fall of the Berlin Wall.

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 1989 average of $381 equals about $990 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 1989?
Gold averaged $381 per troy ounce in 1989, based on LBMA annual average data. Daily prices ranged from a low of $361 to a high of $424, and the year closed at $405. That average was down 12.8% from $437 in 1988.
What is a 1989 gold price worth in today's dollars?
Adjusted with the US Consumer Price Index, gold's 1989 average of $381 works out to roughly $990 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 1989?
The defining story of 1989: Fall of the Berlin Wall. Against that backdrop, the annual average fell 12.8%, from $437 in 1988 to $381.

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.