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Gold rebounded almost 20% in 1986 as the dollar slid after the Plaza Accord and the US launched the American Gold Eagle bullion coin.
Monthly path for 1986, anchored to the real open ($ 327.00), the high in September, the low in January, and the close ($ 391.00). The dashed line marks the yearly average; intra-year movement between anchor points is illustrative.
Year-over-year, gold rose +19.57% versus its 1985 close of $ 327.00.
After five punishing years, 1986 finally gave gold a sustained lift. The engine was the currency market: the Plaza Accord agreed by the major powers in late 1985 was working almost too well, and the dollar fell steeply against the yen and Deutsche Mark for a second straight year. A falling dollar makes gold cheaper for the rest of the world and erodes confidence in dollar assets — both bullish, and gold ran from about $326 in January to $438 by September.
The year also brought a structural milestone: in October the US Mint issued the American Gold Eagle, legal-tender bullion for ordinary investors, after Congress banned Krugerrand imports over apartheid. The Eagle sold explosively and permanently widened retail access to gold in the world’s largest economy. Gold closed 1986 near $391, up almost 20% — its first strong year since the 1980 peak.
The dollar fell steeply for a second year following the September 1985 Plaza Accord.
Oil prices collapsed below $10 a barrel, rattling banks and energy-producing economies.
The US Mint launched the American Gold Eagle in October 1986 — it quickly became a best-selling bullion coin.
Gold climbed from about $326 in January to roughly $438 by September.
Gold averaged about $368 per ounce in 1986, rising from a January low near $326 to a September high around $438, and closed the year near $391.
The dollar’s steep post-Plaza Accord decline made gold more attractive worldwide, while the launch of the American Gold Eagle coin opened bullion buying to mainstream US investors.
Gold's 1986 high was about $ 438.00 per troy ounce, reached in September.
The average gold price in 1986 was roughly $ 368.00 per troy ounce — it opened near $ 327.00 and closed around $ 391.00.
Gold rose about 19.6% over 1986, between a low of $ 326.00 and a high of $ 438.00.
Historical figures are approximate annual values shown for educational analysis and may differ from other sources. This is not financial advice — see our disclaimer.