Gold (GC=F) prices were relatively stagnant for much of the 1900s. However, economic policy changes, world events, and inflation drove prices higher. Since 1970, gold prices have skyrocketed. If you were an early investor, your faith in that precious metal paid off. Here’s how gold prices have changed over time — and what $1 million of gold would be worth in today’s dollars.
For a long time, gold prices were relatively flat. But major economic events, such as changes to government policies and inflation, drove a steep increase.
From 2016 to 2026, the price of gold increased from $1,250 to $5,185 per troy ounce, according to the National Mining Association.
$1 million in 1900 would have purchased almost 53,000 ounces of gold. At today’s prices, that amount would be worth about $273 million.
Learn more: Thinking of buying gold? Here’s what investors should watch for.
| Year | Gold price per ounce | How many ounces $1 million would buy | How much that gold would be worth in 2026 |
|---|---|---|---|
| 1900 | $19 | 52,743 | $273.4 million |
| 1910 | $19 | 52,854 | $274 million |
| 1920 | $20.68 | 48,355 | $250 million |
| 1930 | $20.65 | 48,426 | $251 million |
| 1940 | $33.85 | 29,542 | $153.2 million |
| 1950 | $34.72 | 28,801 | $149.3 million |
| 1960 | $35.27 | 28,352 | $147 million |
| 1970 | $36.02 | 27,762 | $143.9 million |
| 1980 | $615 | 1,626 | $8.4 million |
| 1990 | $383.51 | 2,607 | $13.5 million |
| 2000 | $279.11 | 3,582 | $18.6 million |
| 2010 | $1,224.53 | 816 | $4.2 million |
| 2020 | $1,769.61 | 565 | $2.9 million |
| 2026 | $5,185 | 192.8 | $1 million |
*Based on historical data from the National Mining Association
**2026 pricing is based on gold spot prices as of Feb. 27, 2026
The price of gold is driven by more than just the jewelry industry or gold collectors. Here are other factors that cause the price to fluctuate.
Investors often turn to gold as a hedge against rising inflation. When the value of the U.S. dollar (USD) drops, investors put more money into gold to preserve their purchasing power. Historically, the biggest spikes in gold prices occurred during the highest periods of inflation.
For example, the inflation rate was well into the double digits in the late 1970s and into the 1980s, according to the Federal Reserve Bank of Minneapolis. This high inflation rate corresponded to a massive increase in gold prices. In 1970, the price of an ounce of gold was $36.02. By 1980, the price reached $615.
When the U.S. government borrows heavily, investors get nervous, and they start putting more money into gold. Rising national debt, concerns about the federal government’s financial stability, and geopolitical tensions can affect the value of gold.
Consumer demand
Gold isn’t just an investment. It’s also a popular product for consumers, and not just in the form of jewelry…
Source: finance.yahoo.com
