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Gold hit a 20-year low near $253 in 1999 before the Washington Agreement on central-bank sales sparked a sharp autumn spike.
Monthly path for 1999, anchored to the real open ($ 288.00), the high in October, the low in July, and the close ($ 290.00). The dashed line marks the yearly average; intra-year movement between anchor points is illustrative.
1999 contained gold’s darkest hour and a glimpse of its future. In the summer the price collapsed to a 20-year low near $253, hammered by relentless central-bank selling and the UK Treasury’s decision to auction off much of its reserves at rock-bottom prices — later dubbed “Brown’s Bottom.”
Then came a turning point. In September, European central banks signed the Washington Agreement on Gold, pledging to limit their sales. Gold rocketed toward $338 within weeks before settling back near $290 to close the year roughly flat. It was the first hint that the great bear market was nearing exhaustion.
Gold sank to a 20-year low around $253 in the summer amid heavy central-bank selling.
A controversial UK gold auction added to the bearish mood.
The Washington Agreement on Gold (September) capped European central-bank sales.
Gold spiked toward $338 in October on the news before settling near $290.
A September 1999 pact in which European central banks agreed to cap their gold sales, removing a major source of selling pressure and sparking a sharp price rebound.
Gold fell to a 20-year low of roughly $253 per troy ounce in the summer of 1999.
Gold's 1999 high was about $ 338.00 per troy ounce, reached in October.
The average gold price in 1999 was roughly $ 279.00 per troy ounce — it opened near $ 288.00 and closed around $ 290.00.
Gold rose about 0.9% over 1999, between a low of $ 253.00 and a high of $ 338.00.
Historical figures are approximate annual values shown for educational analysis and may differ from other sources. This is not financial advice — see our disclaimer.