The gold price grew by 8.6% to US$1,152/oz as at the end of 2016 from close price of US$1,061/oz as at the end of 2015 with an upward trend in the first half of 2016 picking in August at US$1,366/oz following a sharp decline throughout November and December. The average price of gold price increased by 10.3% to US$1,247/oz in 2016.
The average price of gold price fell gradually throughout 2015, and ended the year down by 4.5% year-on-year from US$1,266/oz to US$1,160/oz.
The gold price was relatively stable in comparison with 2013. The average gold price was US$1,266/oz in 2014.
Bullion prices loses 29 percent during the year.
The gold price started to decline since the end of 2012. The slump came as gold investors, including in Exchange Traded Funds, digested comments from the U.S. Federal Reserve that stoked fears about a scaling back of bond purchases, which have been a crucial support for gold prices.
Gold price reaches record high due to unrest in Africa and the Middle East.
Benchmark gold contract trades for over $1,000 for the first time.
SPDR Gold Shares exchange traded fund launches
Most major countries adopt floating exchange rates.
United States abandons the gold standard.
Bretton Woods conference creates the Gold Exchange Standard.
All major countries (except China) link their currency to gold.
California gold rush.
Britain links its currency to gold.
King Ferdinand of Spain launches expeditions to the Americas.
World's first hallmarking system established in London.
Croesus creates the first international gold currency.
Gold used in dentistry by the Etruscans.
First gold jewellery created in Mesopotamia.