Gold Price History · The Free-Float Era

1982

The First Bottom

Two years after the peak, with Volcker’s rates at their height and a debt crisis erupting, gold found its first major low.

Average price
$376/oz
In 2025 dollars
$1,253/oz
Change on the year
−18.3%
After inflation
−23.1%

1982 in context · real value, 1962–2002

1970198019902000 $1,253
Inflation-adjusted to 2025 dollars. See all 768 years →

By 1982 the air had gone out of the great 1970s bull. Fed Chairman Paul Volcker's interest rates, which had peaked near 20%, had broken inflation — and gold's appeal with it. The price had fallen hard from its 1980 high.

But the year was not without drama: in August, Mexico's default triggered the Latin American debt crisis, and gold staged a sharp relief rally as fears of a banking crisis spread. It proved temporary. The metal was now in a secular decline that, with fits and starts, would run all the way to the 1999 bottom.

Key events of 1982

  1. 1982-08-12

    Mexico defaults

    Mexico’s default opens the Latin American debt crisis; gold rallies briefly on banking fears.

What would $10,000 of gold in 1982 be worth today?

Run the numbers across gold, stocks, housing, and bonds — adjusted for inflation.

Calculate 1982 →

How gold did in 1982

Value at year-end of $10,000 invested on 1 January 1982.

Gold
$8,166 −18.3%
S&P 500 (total return)
$12,042 +20.4%
US housing
$10,165 +1.6%
Inflation (CPI)
$10,616 +6.2%

Annual-average basis. Gold: Officer & Williamson; S&P 500 & Treasuries: Damodaran (NYU); housing: Shiller; CPI: BLS. Methodology →

Related years

Sources. Gold price: Officer & Williamson, The Price of Gold, 1257–Present (annual average); inflation adjustment by US CPI (BLS / Officer & Williamson). Asset comparison from the calculator dataset. Figures are annual averages. Full methodology →