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Milestones: The rise and fall of go ld pricesLast updated on: April 19, 2013 10:04 IST
Gold prices hit two-year lows on Monday in theirbiggest one-day drop since 1983 as an exodus of
institutional money fueled expectations that bullion's 12
years of gains as a haven in a troubled world may
have stalled.Here are key dates in gold's trading history s ince
the early 1970s:
(Compiled by Josephine Mason, Clara Denina and
Frank Tang)
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Milestones: The rise and fall of go ld pricesLast updated on: April 19, 2013 10:04 IST
August 1971 - U.S. President Richard Nixon takes the dollar off the gold standard, which had been in place with minor
modifications since the Bretton Woods Agreement of 1944 fixed the conversion rate for one troy ounce of gold at $35.
August 1972 - The United States devalues the dollar to $38 per ounce of gold
.
March 1973 - Most major countries adopt the floating exchange rate system.
May 1973 - U.S. devalues dollar to $42.22 per ounce.
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Milestones: The rise and fall of go ld pricesLast updated on: April 19, 2013 10:04 IST
J anuary 1980 - Gold hits record high at $850 per
ounce. High inflation because of strong oil prices,Soviet intervention in Afghanistan and the impact of the
Iranian revolution prompt investors to move into the
metal.
August 1999 - Gold falls to a low at $251.70 on worries
about central banks reducing reserves of gold bullionand mining companies selling gold in forward markets
to protect against falling prices.
October 1999 - Gold reaches a two-year high at $338
after agreement to limit gold sales by 15 European
central banks. Market sentiment toward gold begins toturn more positive.
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Milestones: The rise and fall of go ld pricesLast updated on: April 19, 2013 10:04 IST
February 2003 - Gold rallies to a four-year high on safe-haven buying in the run-up to the invasion of Iraq.
estones: The rise and fall of gold prices - Rediff.com http://www.rediff.com/money/slide-show/slide-show-1-rise-and-fall-of...
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December 2003-J anuary 2004 - Gold breaks above
$400 per ounce, reaching levels last traded in 1988.
Investors increasingly buy gold as risk insurance for
portfolios.
November 2005 - Spot gold breaches $500 for the firsttime since December 1987, when spot hit $502.97.
April 11, 2006 - Gold prices surpass $600, the highest
point since December 1980, with funds and investors
pouring money into commodities on a weak dollar, firmoil prices and political tensions over Iran's nuclearambitions.
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Milestones: The rise and fall of go ld pricesLast updated on: April 19, 2013 10:04 IST
May 12, 2006 - Gold prices peak at $730 an ounce as
funds and investors continue to pile into commodities.
J une 14, 2006 - Gold falls 26 percent to $543 from its26-year peak after investors and speculators sell out of
commodities.
November 7, 2007 - Spot gold hits a 28-year high of
$845.40.
J anuary 2, 2008 - Spot gold breaks above $850.
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Milestones: The rise and fall of go ld pricesLast updated on: April 19, 2013 10:04 IST
March 2008 - Benchmark gold contract trades over $1,000 for the first time in U.S. futures market, hitting all-time highsof $1,030.80 an ounce.
September 17, 2008 - Spot gold rises by nearly $90 an ounce, a record one-day gain, as investors seek safety amid
turmoil on the equity markets.
J an-March 2009 - Gold-backed exchange-traded funds (ETF) report record inflows in the first quarter as financial sectorinsecurity spurs safe-haven buying. Holdings in the largest ETF, New York's SPDR Gold Trust, rise 45 percent to
1,127.44 tons.
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Milestones: The rise and fall of go ld pricesLast updated on: April 19, 2013 10:04 IST
February 20, 2009 - Gold rises back above $1,000 an
ounce as investors buy bullion as a safe store of valueas major economies face recession and equity markets
tumble.
April 24, 2009 - China announces it has raised its gold
reserves by three-quarters since 2003 and now holds
1,054 tons of the precious metal, boosting expectationsit may further boost its stockpile.
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Milestones: The rise and fall of go ld pricesLast updated on: April 19, 2013 10:04 IST
August 7, 2009 - European central banks opt to renew their earlier agreement to limit gold sales over a five-year period,
setting the sales cap at 400 tons a year.
September 8, 2009 - Gold breaks back through $1,000 an ounce for the first time since February on dollar weakness
and concerns over the sustainability of the economic recovery.
December 2009 - Gold hits record high at $1,226.10 an ounce, with dollar weakness and expectations for central banks
to diversify reserves into gold driving prices higher.
May-J une 2010 - Gold jumps to fresh highs at $1,264.90 an ounce as underlying fears over financial market stability and
European sovereign risk combine with dollar weakness to push the metal through resistance at its previous high.
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Milestones: The rise and fall of go ld pricesLast updated on: April 19, 2013 10:04 IST
September 2010 - Gold hits record highs peaking at
$1,300, as investors flock to bullion after the U.S.
Federal Reserve signals it may consider further
quantitative easing. The move weakens the dollar and
raises fears over future inflation.
October 2010 - Gold rallies to a new record near
$1,375 an ounce as the dollar comes under pressure
from building expectations for the Fed to take extra
measures to keep interest rates low and prop up the
economy.
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Milestones: The rise and fall of go ld pricesLast updated on: April 19, 2013 10:04 IST
November 2010 - Gold prices break through $1,400 an ounce for the first time as haven buying prompted by renewedbudget problems in Ireland more than offset a sharp dollar bounce.
December 7, 2010 - Gold reaches a record high above $1,425 an ounce, driven by fund buying ahead of year-end,
jitters over the euro-zone debt crisis and speculation about further U.S. monetary easing.
J anuary 2011 - Gold prices fall more than 6 percent in their worst monthly performance in over a year as a revival in risk
appetite diverts investment to higher-yielding assets.
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Milestones: The rise and fall of go ld pricesLast updated on: April 19, 2013 10:04 IST
March 7, 2011 - Gold recovers to hit record highs of
$1,444.40 an ounce as unrest in Tunisia and Egyptspreads across the Middle East and North Africa,
boosting oil prices.
March 24, 2011 - The resignation of Portuguese prime
minister J ose Socrates pushes the euro zone debt
crisis back to center stage, lifting gold prices to a
record above $1,447 an ounce.
April 7, 2011 - Gold prices extend their record highs
toward $1,465 an ounce after the European Central
Bank casts doubts over expectations for interest rate
rises, while unrest in the Middle East encouragessafe-haven buying.
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Milestones: The rise and fall of go ld pricesLast updated on: April 19, 2013 10:04 IST
J uly 2011 - Gold hits new highs six times in two weeks, with prices peaking at $1,622.89 an ounce on persistent worries
estones: The rise and fall of gold prices - Rediff.com http://www.rediff.com/money/slide-show/slide-show-1-rise-and-fall-of...
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about the euro-zone debt crisis and a growing threat of
a U.S. government default.
Sept 6, 2011 - Gold sets all-time record high of $1,920
as worries about the deadlock over the U.S. debt
ceiling talks and euro-zone debt crisis fuel safe-havenbuying. Fed stimulus measures also encourage buying
as investors seek a hedge against inflation.
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Milestones: The rise and fall of go ld pricesLast updated on: April 19, 2013 10:04 IST
Sept 26, 2011 - Gold falls below $1,600 an ounce,posting its biggest three-day slide in 28-1/2 years asinvestors scramble for cash on fears of a Greek debt
default.
Nov 7, 2011 - Gold rises to a two-month high of
$1,794.10 an ounce after German Chancellor Angela
Merkel rules out using gold to boost the euro-zonebailout fund. Italy's Prime Minister Silvio Berlusconi's
decision not to resign plagues the bloc's effort to
contain its debt crisis.
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Milestones: The rise and fall of go ld pricesLast updated on: April 19, 2013 10:04 IST
Dec 29, 2011 - Year-end liquidation by funds and euro
zone debt fears push bullion briefly into bear market
territory. Gold falls to a six-month low at around $1,520
an ounce.
Feb 29, 2012 - Gold touches a high of $1,790.30 anounce before sliding 5 percent on the same day to
below $1,690 after Federal Reserve Chairman Ben
Bernanke keeps mum on possibility of another round of
monetary easing.
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May 16, 2012 - Bullion briefly crosses into bear market
territory from its record in September 2011 as
intensifying fears about a Greek exit from the eurozone send gold prices to a 2012 low of $1,527 an
ounce.
September 2012 - Gold recovers to hit $1,795.69 an
ounce, its highest in almost a year and a peak for
2012, after the Fed announces a new round of
stimulus with a pledge to buy billions of dollars worth oflonger-term Treasuries each month.
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Milestones: The rise and fall of go ld pricesLast updated on: April 19, 2013 10:04 IST
December 2012 - Gold rises after the Fed announces
another round of stimulus, but the gains are brief as
investor enthusiasm for gold as a hedge against
inflation starts to wane. Even so, prices rise for a 12th
straight year.
J anuary-March 2013 - Speculators cut their net long
position in U.S. Comex futures in a shift out ofcommodities and into stocks as S&P 500 and Dow
indices hit record highs.
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Milestones: The rise and fall of go ld pricesLast updated on: April 19, 2013 10:04 IST
February 20, 2013 - Federal Reserve minutes suggest U.S. central bank would consider reining in quantitative easing as
estones: The rise and fall of gold prices - Rediff.com http://www.rediff.com/money/slide-show/slide-show-1-rise-and-fall-of...
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the world's largest economy continues to recover,
triggering around $9 billion of net outflows from gold
ETFs.
March 21, 2013 - Gold hits four-week high at
$1,616.36 an ounce underpinned by safe havendemand on fears of a potential financial meltdown in
Cyprus.
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Milestones: The rise and fall of go ld pricesLast updated on: April 19, 2013 10:04 IST
March 25, 2013 - Prices fall to 10-day lows and ETF
holdings drop to lowest since J uly 2011 after Cyprus
strikes last-minute bailout deal with EU and IMFlenders.
April 5, 2013 - Gold rallies over 1.5 percent, its biggest
one-day gain since November 2012, as disappointing
U.S. job data ignites expectations the Fed will continue
its bullion-friendly purchases.
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Milestones: The rise and fall of go ld pricesLast updated on: April 19, 2013 10:04 IST
April 10, 2013 - Gold falls almost 2 percent after a
European Commission report shows Cyprus might be
forced to sell bullion reserves to raise around 400
million euros as part of its bailout.
April 11, 2013 - Gold sinks more than 5 percent tobelow $1,500 an ounce for the first time since J uly
2011, entering bear territory as institutional investors
flee bullion in favor of other safe-haven assets.
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April 14, 2013 - Panic selling continues with gold
plunging 9 percent, its biggest one-day drop in 30
years, to $1,336.04 an ounce. The sell-off reinforcedexpectations that bullion's 12 years of gains have come
to an abrupt halt.
April 16 - Gold recover almost 2 percent after buyers of
physical bullion jumped in at cheaper prices following
the historic plummet. There is little confidence that gold
is out of the woods.
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Source:
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estones: The rise and fall of gold prices - Rediff.com http://www.rediff.com/money/slide-show/slide-show-1-rise-and-fall-of...