Gold Price in 1998

In 1998, the price of gold averaged $294 per troy ounce, down 11.2% from the year before. This page covers the 1998 average, high, low, and year-end close, the events that moved the market, and what that gold would be worth in today's dollars.

1998 Average

$294

LBMA annual average, USD/oz

Change vs 1997

-11.2%

from $331 in 1997

What happened to the gold price in 1998

Gold averaged $294 per troy ounce in 1998, down 11.2% from $331 the year before. The notable development of 1998: LTCM collapse; Russian default.

The 1990s extended gold's long bear market. Low inflation, a roaring stock market, and steady central bank selling kept the metal drifting lower for most of the decade, and by 1999 gold had bottomed near $255 per ounce.

Adjusted for inflation, gold's 1998 average of $294 equals about $581 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 1998?

Gold averaged $294 per troy ounce in 1998, based on LBMA annual average data. That average was down 11.2% from $331 in 1997.

What is a 1998 gold price worth in today's dollars?

Adjusted with the US Consumer Price Index, gold's 1998 average of $294 works out to roughly $581 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 1998?

The defining story of 1998: LTCM collapse; Russian default. Against that backdrop, the annual average fell 11.2%, from $331 in 1997 to $294.

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.