Gold price in 1971: open, high, low, close
Gold averaged $40.92 an ounce in 1971, moving between $38.00 and $43.00. Month-by-month figures, the year's change and the inflation-adjusted value, from public data.
Gold price in 1971, month by month (US dollars per troy ounce)
| Month | Open | High | Low | Close | London avg |
|---|---|---|---|---|---|
| January | monthly average | $38.00 | |||
| February | monthly average | $39.00 | |||
| March | monthly average | $39.00 | |||
| April | monthly average | $39.00 | |||
| May | monthly average | $41.00 | |||
| June | monthly average | $40.00 | |||
| July | monthly average | $41.00 | |||
| August | monthly average | $43.00 | |||
| September | monthly average | $42.00 | |||
| October | monthly average | $43.00 | |||
| November | monthly average | $43.00 | |||
| December | monthly average | $43.00 | |||
Daily data for this year is not in our public sources, so each month shows the average London (LBMA) price from the World Bank Pink Sheet. Intraday highs and lows were more extreme than these averages.
Source: World Bank Commodity Markets (Pink Sheet) monthly London gold prices; COMEX gold futures (GC=F) daily settlements; US CPI (FRED series CPIAUCSL). Data updated ; refreshed automatically about once a day. Figures are indicative and may be revised by the sources.
Gold in 1971: the numbers
In 1971, gold averaged $40.92 an ounce, measured by monthly averages of the London (LBMA) price. It opened the year at $38.00, reached a high of $43.00 in August 1971 and a low of $38.00 in January 1971, and closed at $43.00, a change of +16.2% from the end of 1970. 5 of the 11 month-to-month changes were higher. Adjusted for inflation, the closing price equals about $352 in September 2026 dollars.
For context, gold closed 1970 at $37.00 and 1972 at $64.00 (+48.8% in 1972).
On 15 August 1971 President Nixon suspended the dollar's convertibility into gold at $35 an ounce, ending the Bretton Woods system in practice. Gold had been fixed near $35 since 1934; from this point the price was set by the market. The Smithsonian Agreement of December 1971 devalued the dollar to $38 an ounce, a rate the market soon left behind.
Source: Federal Reserve History: Nixon ends convertibility of US dollars to gold
How this compares with the whole record
The gold price history page charts every year since 1968 and lists the open, high, low and close of each, and the all-time-high tracker shows every record close. Figures for 1971 use monthly averages of the London (LBMA) price; the London price and COMEX futures differ slightly, usually by a few dollars.
Frequently asked questions
What was the gold price in 1971?
Gold averaged $40.92 per troy ounce in 1971, measured by monthly averages of the London (LBMA) price. It opened the year at $38.00 and closed at $43.00.
What was the highest gold price in 1971?
The highest monthly average in 1971 was $43.00, in August 1971. Intraday and daily highs that year were higher than the monthly average.
What was the lowest gold price in 1971?
The lowest monthly average in 1971 was $38.00, in January 1971.
Did gold go up or down in 1971?
Gold up +16.2% in 1971, from $37.00 at the end of 1970 to $43.00. Adjusted for inflation, that closing price is about $352 in September 2026 dollars.
Educational information only, not financial advice and not a forecast. Past prices do not predict future prices. See our risk disclaimer and editorial policy.