Gold has fascinated civilizations for centuries, serving as a symbol of wealth, a form of currency and a reliable store of value. While styles in jewelry may change, gold remains one of the most sought-after and stable investments in history. At Accent Jewelers in Memphis, we understand the importance of gold not just for its beauty, but also for its lasting value.
In this blog, we take a look at the history of gold prices, how they have evolved over time and how Accent can give you cash for your gold pieces.
Gold Prices in the Early Years: A Stable Standard
For most of human history, gold was used as a medium of exchange, dating back to ancient Egypt around 3000 BC. It was valued for its rarity and durability, leading to the creation of gold coins as early as 600 BC in the ancient kingdom of Lydia (modern-day Turkey).
In the U.S., gold became a standard for currency in 1792, when the Coinage Act established the value of gold at $19.39 per ounce. Over the next century, gold prices remained remarkably stable, hovering around $20 per ounce due to the Gold Standard, which tied paper money to a fixed amount of gold.
The 20th Century: Gold Breaks Free from the Standard
For most of the 19th and early 20th centuries, gold’s price remained steady. However, during the Great Depression, the U.S. government, under President Franklin D. Roosevelt, raised the official price of gold to $35 per ounce in 1934. This move helped increase the money supply and combat deflation, but gold ownership for private citizens was restricted.
By 1971, the U.S. completely abandoned the Gold Standard, allowing gold prices to fluctuate freely based on supply and demand. This marked a turning point in gold’s history. By 1980, gold prices surged to $850 per ounce, driven by inflation, oil crises and global uncertainty.
Gold Prices in the 21st Century: Record Highs & Market Trends
Gold remained relatively stable through the 1990s, hovering between $250 and $400 per ounce. However, the 2008 financial crisis led to a massive spike in demand for gold as investors sought a safe-haven asset. By 2011, gold reached a historic high of $1,900 per ounce, reflecting economic instability and fears of inflation.
Over the past decade, gold prices have continued to rise due to factors such as:
- Global Economic Uncertainty – Recessions, market crashes and geopolitical tensions have driven investors to gold.
- Inflation and Currency Fluctuations – As the dollar weakens, gold tends to rise in value.
- Supply and Demand – Increased demand for gold in emerging markets like China and India has impacted prices.
In August 2020, gold reached an all-time high of $2,067 per ounce, largely due to the economic effects of the COVID-19 pandemic.
Why Gold Remains a Strong Investment Today
Unlike stocks and bonds, gold is a tangible, physical asset that retains its value over time. Whether in the form of jewelry, bullion or investment-grade coins, gold provides:
- A Hedge Against Inflation – When the cost of living rises, gold prices tend to increase.
- Long-Term Value – Unlike paper currency, gold’s value has endured for thousands of years.
- Liquidity – Gold can be easily bought, sold or traded, making it a flexible asset.
At Accent Jewelers in Memphis, we specialize in buying and selling gold jewelry, offering competitive prices based on current market rates. If you’re looking to sell gold or invest in quality gold jewelry, our experts can help you make an informed decision.
Looking to Buy or Sell Gold in Memphis? Visit Accent Jewelers
Gold has stood the test of time, and whether you’re looking to purchase fine gold jewelry or sell unwanted gold pieces, Accent Jewelers in Memphis is your trusted local expert.
Visit our store today for a free gold evaluation or contact us to learn more about our gold buying and selling services. Let us help you make the most of your gold investment!
