Gold Price History · The Free-Float Era
2004 in context · real value, 1984–2024
In 2004, gold averaged $409 an ounce — about $697 in today's money. That was up 12.6% on the year in nominal terms (+9.7% after inflation). In the free-float era the price is set entirely by markets, so each year carries its own distinct story of inflation, crisis, and confidence in paper money.
To see 2004 in the full sweep of the gold price, explore the 768-year ribbon, or find out what a 2004 gold investment would be worth today on the gold calculator.
Run the numbers across gold, stocks, housing, and bonds — adjusted for inflation.
Calculate 2004 →Value at year-end of $10,000 invested on 1 January 2004.
Annual-average basis. Gold: Officer & Williamson; S&P 500 & Treasuries: Damodaran (NYU); housing: Shiller; CPI: BLS. Methodology →
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 →