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Gold ended 1990 slightly lower despite a brief Gulf War spike toward $420, as a strong dollar and high interest rates capped demand.
Monthly path for 1990, anchored to the real open ($ 401.00), the high in September, the low in June, and the close ($ 391.00). The dashed line marks the yearly average; intra-year movement between anchor points is illustrative.
1990 showed how the 1980s bear market had numbed gold’s response even to war. Iraq’s invasion of Kuwait in August sent the price jumping toward $420 in a classic safe-haven reflex, but the rally evaporated within weeks as markets grew confident in a decisive US-led military response.
With interest rates high and the dollar firm, there was little to sustain gold, and it slipped back to finish near $391, modestly lower for the year. The episode underlined how out of favour gold had become — even a major war could only briefly stir it.
Iraq’s invasion of Kuwait in August briefly lifted gold toward $420.
The spike quickly faded as confidence in a US-led response grew.
High interest rates made non-yielding gold relatively unattractive.
Gold drifted back to close the year near $391.
Iraq’s August 1990 invasion of Kuwait briefly pushed gold toward $420, but the spike faded quickly and gold ended the year slightly lower.
High interest rates, a firm dollar, and confidence in a swift US-led response capped gold, which closed near $391.
Gold's 1990 high was about $ 423.00 per troy ounce, reached in September.
The average gold price in 1990 was roughly $ 384.00 per troy ounce — it opened near $ 401.00 and closed around $ 391.00.
Gold fell about 2.5% over 1990, between a low of $ 346.00 and a high of $ 423.00.
Historical figures are approximate annual values shown for educational analysis and may differ from other sources. This is not financial advice — see our disclaimer.