Decade in Review

Gold Price in the 1990s

A lost decade for gold: relentless central-bank selling and a historic stock-market boom ground the price down to a 20-year low near $253 in 1999.

Gold price in the 1990s — yearly average, USD / oz1990–1999

$ 236$ 304$ 372$ 440

199019921994199619981999

The gold line is the yearly average price in US dollars per troy ounce through the 1990s; the shaded band shows each year’s high-to-low range. Figures are approximate annual values for educational analysis.

Decade Open$ 401.00

Decade Close$ 290.00

Decade Change-27.68%

High (1990)$ 423.00

Low (1999)$ 253.00

Best Year (1993)+17.70%

Every year in the 1990s

1999+0.90% ↑

Closed $ 290.00 · High $ 338.00 · Low $ 253.00Gold hit a 20-year low near $253 in 1999 before the Washington Agreement on central-bank sales sparked a sharp autumn spike.

1998-0.70% ↓

Closed $ 288.00 · High $ 313.00 · Low $ 273.00Gold sank to an 18-year low near $273 in August 1998 as the Asian crisis spread to Russia and LTCM, then recovered to end the year roughly flat.

1997-21.40% ↓

Closed $ 290.00 · High $ 369.00 · Low $ 283.00Gold’s worst year of the 1990s: a wave of central-bank sales and the Asian financial crisis drove it from about $369 down through $300, a fall of more than 20%.

1996-4.60% ↓

Closed $ 369.00 · High $ 415.00 · Low $ 367.00Gold peaked near $415 early in 1996 but faded all year, weighed down by central-bank selling and a roaring US stock market.

1995+1.00% ↑

Closed $ 387.00 · High $ 396.00 · Low $ 372.00One of the quietest years in gold’s modern history: the price spent all of 1995 inside a band of barely $25, ending about 1% higher.

1994-2.30% ↓

Closed $ 383.00 · High $ 396.00 · Low $ 370.00Gold shrugged off the great bond-market massacre of 1994, drifting about 2% lower in a tight range as aggressive Fed rate hikes capped any rally.

1993+17.70% ↑

Closed $ 392.00 · High $ 406.00 · Low $ 326.00Gold’s one great year of the early 1990s: famous speculators piled in and drove the price from a March low near $326 to $406 by midsummer, an 18% annual gain.

1992-5.70% ↓

Closed $ 333.00 · High $ 360.00 · Low $ 330.00Gold ground about 6% lower in 1992, ignoring even Europe’s ERM currency crisis, as disinflation and central-bank selling defined a joyless market.

1991-9.70% ↓

Closed $ 353.00 · High $ 403.00 · Low $ 344.00Gold peaked at $403 on the eve of the Gulf War, then spent 1991 falling as the quick Allied victory, Soviet gold sales, and disinflation dissolved its war premium.

1990-2.50% ↓

Closed $ 391.00 · High $ 423.00 · Low $ 346.00Gold ended 1990 slightly lower despite a brief Gulf War spike toward $420, as a strong dollar and high interest rates capped demand.

Written & reviewed by Muhammad Salman Saleem

Founder & Editor · Prices are checked against the international spot benchmark and refreshed through the trading day. Educational information only — not financial advice.

Gold in the 1990s: the big picture

If the 1980s were a comedown, the 1990s were gold’s wilderness years. With inflation tamed and Western economies booming, investors had eyes only for stocks, and the roaring bull market in equities left the metal forgotten.

Worse, gold faced a steady stream of selling from the very institutions that had long hoarded it. Central banks, seeing little point in holding a non-yielding asset, sold reserves throughout the decade — most infamously the UK Treasury, whose 1999 auctions near the bottom were later dubbed “Brown’s Bottom.” The Asian financial crisis of 1997–98 then crushed physical demand in gold’s biggest growth markets.

The selling climaxed in the summer of 1999, when gold touched a 20-year low near $253. Then, almost unnoticed, the tide turned: the Washington Agreement on Gold that September capped European central-bank sales, and the metal’s long bottom was finally in.

What drove gold in the 1990s

A historic stock-market boom drew investment away from gold.
Heavy, sustained central-bank gold sales weighed on the price all decade.
The Asian financial crisis of 1997–98 devastated physical demand.
The 1999 low near $253 and the Washington Agreement marked the bottom.

Gold in the 1990s: FAQ

What was the highest gold price in the 1990s?

Gold's high in the 1990s was about $ 423.00 per troy ounce, reached in 1990.

What was the lowest gold price in the 1990s?

Gold's low in the 1990s was about $ 253.00 per troy ounce, in 1999.

Did gold rise or fall over the 1990s?

Gold fell about 28% across the 1990s, from roughly $ 401.00 at the start to $ 290.00 at the end. Its best year was 1993 (+17.70%) and its worst was 1997 (-21.40%).

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Historical figures are approximate annual values shown for educational analysis and may differ from other sources. This is not financial advice — see our disclaimer.

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