The recorded origination of gold has been traced to the fifth millennium B.C. During that period, the Sumerians who lived in Mesopotamia used gold to make ornaments, decorations, and sacred objects. In approximately 2700 B.C., the first gold coins were issued. Taking a look at gold price history reveals that the value of this precious metal has experienced many fluctuations throughout the years.
During the early 19th century, the United Kingdom adopted a gold standard on which U.K. currency was based. Many other countries eventually followed, including the United States in 1900. This paved the way for automatic adjustment of gold supply in times of surplus or deficit in international commerce. A country in deficit would need to surrender some of its gold in order to cover its deficit with the country with whom it was doing business.
The official price of gold in the United States during 1800-1914 was $20.67 per ounce. In 1933, President Franklin Roosevelt placed a ban on the selling, buying, or owning of gold in the United States. This caused the official price of gold to jump 65 percent to $35 per ounce. This sparked a boom in the mining industry and the United States output of gold increased dramatically.
The role of gold in currency systems throughout the world ended in the early 1970s. The price of gold rose to a record high $850 per ounce in January 1980. The price then fluctuated below that level for the next 28 years until it broke the record in January 2008. To give a clear picture, breaking this record represents a price of $2,200 in inflation-adjusted U.S. dollars. The current price of gold is almost $1,200 per ounce.
The gold price history has been influenced by major political, commerce-related, and economic events. The current price of gold is on the rise and analysts predict it will continue its climb during the near future. Now is a great time to buy gold coins and make investments in gold bullion, gold stocks, and gold mines before the price climbs even higher.