Price of Gold in 2004

Investor interest in gold continued from 2003 into 2004 when gold prices started at just over $400 an ounce – the highest levels since February 1990. This was a direct result of a fall in the US dollar against the euro and three-year nadirs against the yen.

In the charts below, you can view the price of gold in 2004 and see the spot price fluctuations present throughout the year.

Gold Prices 2004 Chart

What Impacted Gold Prices in 2004?

After the stock market crisis, investors sought a safer route by investing in gold, causing gold prices to skyrocket. Gold prices were also impacted by concerns of further attacks on the United States and continuous unrest in Iraq, along with the volatile US dollar, increasing oil prices, and slow stock prices.

In 2004, the price of an ounce of gold soared to its highest level in a quarter century. The value fell from its peak, but it immediately began to rise again as the dollar continued to struggle, pulled down by a weak stock market, an oil-soaked US economy, ongoing problems in Iraq, and other factors.

Prices fluctuated but increased further throughout the year ending at a high.

The year started close to US$400 an ounce but quickly improved, ending the year at just over US$422.  

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.

What Drives Gold Demand?

According to the World Gold Council, jewelry accounted for nearly half of total gold demand last year (over 4,400 tons). India, China, and the United States are all major consumers of gold for jewelry in terms of quantity.

Demand is also driven by technological and industrial applications, which include the manufacture of medical devices such as stents and precision electronics such as GPS units.

Accordingly, gold prices can be affected by supply and demand; for example, if more people show interest in purchasing gold-plated jewelry or electronics, the price of gold will increase.

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