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Gold surged to a 26-year high near $725 in May 2006 before a sharp summer correction left it up about 23% for the year.
Monthly path for 2006, anchored to the real open ($ 520.00), the high in May, the low in January, and the close ($ 636.00). The dashed line marks the yearly average; intra-year movement between anchor points is illustrative.
Year-over-year, gold rose +23.98% versus its 2005 close of $ 513.00.
2006 saw gold accelerate into its first parabolic move of the modern bull market. Fuelled by booming investment demand — including the rapidly growing gold ETFs — the metal rocketed to about $725 in May, its highest level since 1980. The move proved overheated.
A sharp summer shakeout dragged gold back below $600 as speculative froth cleared. Even so, it stabilised and closed the year near $636, up about 23%. The episode was a reminder that even strong bull markets correct hard along the way.
Strong investment demand, helped by new gold ETFs, propelled prices higher.
Gold spiked to a 26-year high around $725 per ounce in May.
A violent summer correction knocked gold back below $600.
Robust emerging-market and central-bank interest underpinned the year’s gains.
Gold reached a 26-year high of roughly $725 per troy ounce in May 2006 before a summer correction.
After a rapid speculative run-up to $725, gold suffered a sharp summer sell-off as overheated positioning unwound, dropping back below $600.
Gold's 2006 high was about $ 725.00 per troy ounce, reached in May.
The average gold price in 2006 was roughly $ 604.00 per troy ounce — it opened near $ 520.00 and closed around $ 636.00.
Gold rose about 23.0% over 2006, between a low of $ 525.00 and a high of $ 725.00.
Historical figures are approximate annual values shown for educational analysis and may differ from other sources. This is not financial advice — see our disclaimer.