Gold price adjusted for inflation
Adjusted for inflation, the gold price today is 56.6% above its January 1980 peak. That month averaged $675 then, which is $2,637 in 2025 dollars. The live price is $4,106.40 per troy ounce.
US dollars per troy ounce, 1960 to September 2026. Monthly averages (World Bank), adjusted with the yearly average CPI-U (BLS) to 2025 dollars. Move over the chart for a month.
Gold price every 5 years, then and in 2025 dollars
| Year | Then | In 2025 $ | 5 yr, real |
|---|---|---|---|
| 1970 | $35.83 | $297 | — |
| 1975 | $161 | $963 | +223.9% |
| 1980 | $608 | $2,375 | +146.6% |
| 1985 | $318 | $951 | −59.9% |
| 1990 | $384 | $945 | −0.7% |
| 1995 | $384 | $812 | −14.1% |
| 2000 | $279 | $522 | −35.7% |
| 2005 | $445 | $733 | +40.6% |
| 2010 | $1,225 | $1,808 | +146.6% |
| 2015 | $1,161 | $1,577 | −12.8% |
| 2020 | $1,770 | $2,202 | +39.7% |
| 2025 | $3,442 | $3,442 | +56.3% |
Yearly averages of the monthly prices, per troy ounce, in US dollars. The change columns compare each row with the row above it (5 years earlier, or the gap to the last full year). “Real” means in 2025 dollars. Click a year for its month-by-month page.
What $1,000 from a past year bought in gold
| Year | Worth today | $1,000 in 2025 $ |
|---|---|---|
| 1970 | $115,225 | $8,298 |
| 1975 | $25,659 | $5,984 |
| 1980 | $6,793 | $3,907 |
| 1990 | $10,766 | $2,463 |
| 2000 | $14,799 | $1,870 |
| 2005 | $9,282 | $1,648 |
| 2010 | $3,371 | $1,476 |
| 2015 | $3,557 | $1,358 |
| 2020 | $2,332 | $1,244 |
$1,000 spent on gold at that year’s average price, and what that metal is worth at today’s live price. The last column is the same $1,000 raised with inflation to 2025 dollars. If “Worth today” is higher, gold kept up with prices over that stretch; if lower, it did not. This ignores dealer premiums, storage and the tax owed on a sale.
The three gold peaks, 1980, 2011 and 2026
| Peak | Then | In 2025 $ | Now vs it |
|---|---|---|---|
| January 1980 | $675 | $2,637 | +56.6% |
| September 2011 | $1,772 | $2,536 | +62.8% |
| February 2026 | $5,020 | $5,020 | −17.8% |
Highest monthly average in each era of the World Bank data (1960 to 1999, 2000 to 2019, 2020 on), per troy ounce, with the same CPI adjustment. “Now vs it” compares the live price with the peak in 2025 dollars.
In the World Bank monthly series the highest gold month before 2000 is January 1980, at $675 per troy ounce, which is $2,637 in 2025 dollars. The highest month of 2000 to 2019 averaged $1,772 in September 2011, or $2,536 in 2025 dollars. Daily highs are not part of this data.
How the adjustment is made, and its limits
- The formula. Price in 2025 dollars = price then × (CPI-U 2025 ÷ CPI-U of that year). For example, January 1980: $675 × 3.907 = $2,637.
- Monthly prices, yearly CPI. Prices are monthly averages. Each month uses its year’s average CPI-U, so a month is not adjusted for price changes inside that year.
- Averages hide daily highs. A monthly average is lower than the highest day in that month, so a daily high would sit above the peak month shown here. This page uses monthly averages only.
- “Today’s dollars” means 2025. The latest full year of CPI-U is 2025. Months after it are shown as they are, and the live price is compared without further adjustment.
- One yardstick. The CPI-U measures a basket of consumer goods. It does not say what you pay, and other indexes give other answers. This page is for context, not a forecast or advice.
Sources: The World Bank, Commodity Price Data (The Pink Sheet), October 2026 release, CC BY 4.0; U.S. Bureau of Labor Statistics, CPI-U all items, U.S. city average (series CUUR0000SA0), annual average. Live price: Lustre market data feed. Method.
Gold in today's dollars: peak and low
| Year | As recorded | In 2025 dollars | |
|---|---|---|---|
| Highest in 2025 dollars | 2025 | $3,441.5 | $3,441.5 |
| Lowest in 2025 dollars | 1970 | $35.83 | $297.33 |
| Highest as recorded | 2025 | $3,441.5 | $3,441.5 |
Data: U.S. Bureau of Labor Statistics, CPI-U, all items, U.S. city average, not seasonally adjusted (series CUUR0000SA0), annual average, 1982-84=100.
Sourced notes for this period
- Context The Federal Reserve History essay says US consumer price inflation began to rise in January 1965 and peaked in March 1980 at close to 15 percent.
- Context The Federal Reserve History essay says that in 1983 the year-over-year US CPI change settled back to the pre-Great Inflation levels of 0 to 5 percent.
- Price An LBMA Alchemist article says the gold price fell 75% in real terms from the time FDR regulated the gold market in 1934 to the end of Bretton Woods and the closing of the gold window in 1971.
- Price An LBMA Alchemist article says the Federal Reserve Bank of Minneapolis inflation calculator put US$850 in January 1980 at about US$3,325 in the money of the article's date (2025).
Sources for these notes
Federal Reserve History: “In January 1965, the percentage change from a year ago in the consumer price index began to rise until it peaked in March 1980 at close to 15 percent.”
Federal Reserve History: “In 1983, the percentage change from a year ago settled back to pre-Great Inflation levels of 0 to 5 percent.”
LBMA Alchemist: “In real terms, the gold price fell 75% from the time the gold market was regulated by FDR in 1934 to the end of Bretton Woods and the closing of the Gold Window in 1971.”
LBMA Alchemist: “According to the Federal Reserve Bank of Minneapolis’ inflation calculator, US$850 in January 1980 is worth about US$3,325 in today’s money.”
Quick answers
Is gold at an all-time high when you adjust for inflation?
It is above its 1980 peak. The 1980 high month was January 1980, when gold averaged $675 per troy ounce, which is $2,637 in 2025 dollars. The September 2026 average was $4,319, which is 63.8% above that peak. It is below the highest month in this data, February 2026 at $5,020, so it is not at a high right now. The percent is for the September 2026 monthly average; the live price at the top of the page gives a slightly different figure.
What was the gold price in 1980 in today’s dollars?
In January 1980 the monthly average was $675 per troy ounce. Adjusted with the consumer price index (CPI-U) to 2025 dollars that is $2,637.
How do you adjust the gold price for inflation?
Multiply the price by the CPI-U for 2025 divided by the CPI-U for the year of the price. The CPI-U is the U.S. Bureau of Labor Statistics index of consumer prices. Here each month uses that year’s annual average CPI-U, not the month’s own number.
Why are the prices in 2025 dollars and not this year’s?
The annual average CPI-U for the current year is not final until the year ends. The latest full year is 2025, so 2025 dollars stand for today’s dollars. Months after that are left as they are. This leaves out the price rise of the last months, which is small next to the 1980 to now gap.
Does the CPI show what gold costs me?
No. The CPI-U tracks what a typical urban household pays for a basket of goods and services. It is the usual yardstick for “today’s dollars”, but it is not a measure of your own costs, and a different index would give different numbers.
Where does this data come from?
Monthly gold averages are from the World Bank Commodity Price Data (the Pink Sheet), published under CC BY 4.0. Inflation is the BLS CPI-U, all items, U.S. city average, annual average. The live price is Lustre’s market data feed.
Related: live gold price, gold price history by year, gold price per gram, gold value by weight.