Distance from the record
This close sat 13.21% 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 7 August 2008, not the current price.See today's gold price (11 September 2026)
Lowest closing price since 13 June 2008
Gold closed at $870.70 per troy ounce on 7 August 2008, down $4.900 (0.56%) from the previous close of $875.60.
This close extended a run of 4 consecutive sessions of losses. Runs are more informative than any one day inside them: they show direction holding rather than a single session's noise.
This close sat 13.21% below the highest gold close recorded up to that date, set on 2008-03-18.
Metal value only, before dealer margins and fabrication.
Twelve months earlier gold traded around $670.60, making this a +29.84% move year on year.
Figures in this section are shown in USD, independent of the currency selected above.
Gold closed at $870.70 per troy ounce on 7 August 2008. That is $4.90 lower than the previous close of $875.60, a move of -0.56%.
The gold price fell on 7 August 2008, losing $4.90 (0.56%) against the previous session's close of $875.60.
At $870.70 per troy ounce, one gram of pure gold was worth about $27.99 on 7 August 2008. A troy ounce is 31.1034768 grams.
Scrap value follows purity, so on 7 August 2008 18k gold was worth about $21.00 per gram and 14k about $16.33 per gram, against $27.99 for pure 24k. These are melt values before any dealer margin.
The gold-to-silver ratio closed at about 53.7 on 7 August 2008, meaning one ounce of gold was worth roughly 53.7 ounces of silver.
A week before 7 August 2008, gold was around $913.90 per troy ounce, so the close of $870.70 is a loss of 4.7% over the week.
A month before 7 August 2008, gold was around $927.30 per troy ounce, so the close of $870.70 is a loss of 6.1% over the month.
A year before 7 August 2008, gold was around $670.60 per troy ounce. The close of $870.70 therefore represents a rise of 29.8% over twelve months.
This close was session 4 of a consecutive run of losses. A run is counted by closes, so an intraday reversal that still closed in the same direction does not break it.
It closed 13.21% below the highest close on record up to that date, which was set on 2008-03-18.