Gold Price in 2004

In 2004, the price of gold averaged $409 per troy ounce, up 12.7% from the year before. This page covers the 2004 average, high, low, and year-end close, the events that moved the market, and what that gold would be worth in today's dollars.

2004 Average

$409

LBMA annual average, USD/oz

Change vs 2003

+12.7%

from $363 in 2003

2004 High

$457

from daily trading data

2004 Low

$372

from daily trading data

Year-End Close

$438

last trading day of 2004

What happened to the gold price in 2004

Gold averaged $409 per troy ounce in 2004, up 12.7% from $363 the year before. Daily trading data shows gold moved between a low of $372 and a high of $457 during the year, ending 2004 at $438.

The 2000s brought gold's modern bull market. The dot-com bust, the September 11 attacks, a weakening dollar, and finally the 2008 financial crisis rebuilt investment demand, carrying gold past $1,000 per ounce for the first time.

Adjusted for inflation, gold's 2004 average of $409 equals about $698 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 2004?

Gold averaged $409 per troy ounce in 2004, based on LBMA annual average data. Daily prices ranged from a low of $372 to a high of $457, and the year closed at $438. That average was up 12.7% from $363 in 2003.

What is a 2004 gold price worth in today's dollars?

Adjusted with the US Consumer Price Index, gold's 2004 average of $409 works out to roughly $698 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.