Gold future prices rallied to an all-time high in today's trading session, breaking above $1,040 per troy ounce. A sharp decline in the value of the U.S. dollar along with investors' concerns over possible inflationary pressures has fueled demand for bullion this year. But just how significant is the price of gold over $1,000?
Here is a look at how bullion has traded in the past thirty-five years:
Intraday Levels
Comex gold for December delivery hit an all-time intraday high of $1,044.3 per troy ounce this morning
The first time gold crossed above the 1000-mark, on an intraday basis, was on 3/13/2008, when gold futures traded as high as $1,001.5
Gold future prices have crossed above $1,000 per troy ounce only 24 times in their trading history
In 2009, gold first crossed above $1,000 on 2/20/09, and did not trade above this level again until 9/08/09
Gold prices have broken above the $1,000-mark 19 of the last 21 trading sessions
Closing Levels
The highest close for gold on its trading history was reached on 9/16/2009, when it closed at $1,020.2
The first time gold closed above the $1,000-mark was on 3/17/2008, when bullion closed at $1,002.6
Comex gold futures have closed above $1,000 an ounce only 16 times since they started trading
In 2009, gold prices first closed above $1,000 on 2/20/2009, and did not close above this level again until 9/11/09
Gold prices have closed above the $1,000-mark 13 of the last 17 trading sessions (not including today)
- The lowest close for gold in 2009 was reached on 1/15/2009, when gold futures closed at $807.3
Since its lowest close this year, the price of gold is up about 29%
- Year-to-date, gold prices are up nearly 17%
Inflation Adjusted
Looking back at gold prices in relation to the current levels, bullion traded at its highest value in January 1980, when it reached a high of $784 per troy ounce. Accounting for inflation, the price of gold then would stand at about $2,049 per troy ounce today.
Some of the companies that are gaining on the news include:
- Barrick Gold
- Rangold Resources
- Compania De Minas Buenaventura
- Kinross Gold
- Harmony Gold Mining
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