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What a past year's gold price is worth in today's dollars — and whether gold beat inflation.
See what an ounce of gold from a past year is worth in today’s dollars — and whether gold has beaten US inflation since then.
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Inflation uses the U.S. Bureau of Labor Statistics CPI-U (consumer price index). Historical gold figures are approximate annual averages, shown for educational analysis. Adjusted to the latest complete annual CPI (2024).
Gold is often described as an inflation hedge — a way to preserve purchasing power as money loses value. But a rising headline gold price can be misleading: if consumer prices rose just as fast, the realvalue hasn’t changed. This tool removes that illusion by restating a past year’s average gold price in today’s dollars using the US Consumer Price Index, then comparing it to the live price.
If today’s price is above the inflation-adjusted figure, gold has grown your purchasing power since that year; if it’s below, gold has lagged inflation. Results are educational and based on approximate annual averages — not financial advice. See our disclaimer.
U.S. Bureau of Labor Statistics — CPI-U, annual average (1982–84 = 100).
| Year | CPI-U index |
|---|---|
| 2024 | 313.7 |
| 2023 | 304.7 |
| 2022 | 292.7 |
| 2021 | 271.0 |
| 2020 | 258.8 |
| 2019 | 255.7 |
| 2018 | 251.1 |
| 2017 | 245.1 |
| 2016 | 240.0 |
| 2015 | 237.0 |
| 2014 | 236.7 |
| 2013 | 233.0 |
| 2012 | 229.6 |
| 2011 | 224.9 |
| 2010 | 218.1 |
| 2009 | 214.5 |
| 2008 | 215.3 |
| 2007 | 207.3 |
| 2006 | 201.6 |
| 2005 | 195.3 |
| 2004 | 188.9 |
| 2003 | 184.0 |
| 2002 | 179.9 |
| 2001 | 177.1 |
| 2000 | 172.2 |
It restates a past gold price in today’s money using the change in consumer prices (CPI), so you can compare value across years on a like-for-like basis.
Over long periods gold has broadly preserved purchasing power, but it varies by start year — the calculator shows the real (inflation-adjusted) change from any year to today.
We use the U.S. Bureau of Labor Statistics — CPI-U, annual average (1982–84 = 100). Historical gold figures are approximate annual averages, adjusted to the latest complete annual CPI (2024).
A higher nominal price does not always mean more real value. Adjusting for inflation shows whether gold has actually grown your purchasing power.