Distance from the record
This close sat 28.55% below the highest gold close recorded up to that date, set on 2008-03-18.
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This page is a historical record of the gold price in 31 October 2008, not the current price.See today's gold price (11 September 2026)
Gold closed at $716.80 per troy ounce on 31 October 2008, down $20.40 (2.77%) from the previous close of $737.20.
Gold lost 2.77% in one session, far more than a normal day's range. Falls this size rarely happen in isolation — the days on either side give the move its context.
This close sat 28.55% below the highest gold close recorded up to that date, set on 2008-03-18.
One of the ten lowest gold closes of that year, ranking 248 of 251 sessions.
Metal value only, before dealer margins and fabrication.
Twelve months earlier gold traded around $792.00, making this a -9.49% move year on year.
Figures in this section are shown in USD, independent of the currency selected above.
Gold closed at $716.80 per troy ounce on 31 October 2008. That is $20.40 lower than the previous close of $737.20, a move of -2.77%.
The gold price fell on 31 October 2008, losing $20.40 (2.77%) against the previous session's close of $737.20.
At $716.80 per troy ounce, one gram of pure gold was worth about $23.05 on 31 October 2008. A troy ounce is 31.1034768 grams.
Scrap value follows purity, so on 31 October 2008 18k gold was worth about $17.28 per gram and 14k about $13.44 per gram, against $23.05 for pure 24k. These are melt values before any dealer margin.
The gold-to-silver ratio closed at about 73.7 on 31 October 2008, meaning one ounce of gold was worth roughly 73.7 ounces of silver.
A month before 31 October 2008, gold was around $874.20 per troy ounce, so the close of $716.80 is a loss of 18.0% over the month.
It closed 28.55% below the highest close on record up to that date, which was set on 2008-03-18.