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Gold Price in 2008

In 2008, the price of gold averaged $872 per troy ounce, up 25.5% from the year before. This page covers the 2008 average, high, low, and year-end close, the events that moved the market, and what that gold would be worth in today's dollars.

2008 Average

$872

LBMA annual average, USD/oz

Change vs 2007

+25.5%

from $695 in 2007

2008 High

$1,033

from daily trading data

2008 Low

$682

from daily trading data

Year-End Close

$881

last trading day of 2008

What happened to the gold price in 2008

Gold averaged $872 per troy ounce in 2008, climbing 25.5% from the $695 average of 2007. Daily trading data shows gold moved between a low of $682 and a high of $1,033 during the year, ending 2008 at $881. The notable development of 2008: Lehman Brothers collapse; global financial crisis.

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 2008 average of $872 equals about $1,305 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 2008?
Gold averaged $872 per troy ounce in 2008, based on LBMA annual average data. Daily prices ranged from a low of $682 to a high of $1,033, and the year closed at $881. That average was up 25.5% from $695 in 2007.
What is a 2008 gold price worth in today's dollars?
Adjusted with the US Consumer Price Index, gold's 2008 average of $872 works out to roughly $1,305 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 2008?
The defining story of 2008: Lehman Brothers collapse; global financial crisis. Against that backdrop, the annual average climbed 25.5%, from $695 in 2007 to $872.

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.