Price of Gold in 2002

In 2002, gold prices surged on the back of the economic crisis that caused stock prices to fall. The financial market was also faced with the aftermath of the September 11 attacks in 2001 and the bankruptcy of major corporations such as Enron and Exodus Communications.

As history ascertains, however, economic uncertainty increases interest in gold bullion, and this year was no exception.

To view the price of Gold in 2002 and check the spot prices changes throughout the year, check out our charts below.

Gold Prices 2002 Chart

What Impacted Gold Prices in 2002?

In 2002, the globe was recuperating from a chaotic year that saw several companies fail or struggle (including Amazon, eBay, and Yahoo!). Of course, the September 11 attacks on the United States significantly influenced the stock market and economic confidence in general.

There was a worldwide economic recession and investors wondered, “will they or won’t they” when it came to a United States retaliation against Al Qaeda. The US dollar decreased, and as is usually the case when this happens, the value of gold rose.

Following a relatively dreary end in 2001 at US$276.50 per ounce, gold values peaked in 2002 at US$347.20 per ounce. It started what became known as the “9-year gold bullion market”.

Daily Gold Prices (Chart)

To find the daily prices for Gold in this year, use the date filters in the chart above.

The information provided here is for educational purposes only and should not be used for speculation and investment purposes. CanAm does not guarantee that the prices shown here are correct, up-to-date, or complete, and we are not responsible for inaccuracies or omissions in this price data.

Is Gold a Good Long-Term Investment?

The price of gold is subject to short-term volatility; however, it has always maintained its value over the long run. Through the years, it has functioned as a buffer against inflation and the loss of major currencies, and it has traditionally been seen as a stable store of value and an inflation hedge. However, equities and bonds have exceeded the average gold price growth in the long-term.

As with any investment, it’s crucial to evaluate the time frame of investing, as well as to study market research to have a knowledge of how markets are predicted to perform.

With all investment portfolios, diversity is vital, and investing in gold can assist diversify a portfolio, typically in market falls, when the price of gold tends to increase. 

Buy Gold Online with CanAm 

CanAm Bullion is a Canadian-owned and run precious metals supplier and reseller. We are distributors of the world’s highest quality and most well-known gold bullion, including bars and coins, and we service a wide range of customers, including individuals, businesses, trusts, SMSFs, and financial advisors.

Our primary objective is to make your experience and transaction as easy as possible, so shop online today, or get in touch with our team if you have any questions.