Distance from the record
This close sat 33.88% below the highest gold close recorded up to that date, set on 2011-08-22.
Loading…
This page is a historical record of the gold price in 7 October 2016, not the current price.See today's gold price (11 September 2026)
Lowest closing price since 7 June 2016
Gold closed at $1,248.90 per troy ounce on 7 October 2016, down $0.900 (0.07%) from the previous close of $1,249.80.
Notable session: lowest close of the month.
This close extended a run of 6 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 33.88% below the highest gold close recorded up to that date, set on 2011-08-22.
Metal value only, before dealer margins and fabrication.
Twelve months earlier gold traded around $1,149.00, making this a +8.69% move year on year.
Figures in this section are shown in USD, independent of the currency selected above.
Gold closed at $1,248.90 per troy ounce on 7 October 2016. That is $0.90 lower than the previous close of $1,249.80, a move of -0.07%.
The gold price fell on 7 October 2016, losing $0.90 (0.07%) against the previous session's close of $1,249.80.
At $1,248.90 per troy ounce, one gram of pure gold was worth about $40.15 on 7 October 2016. A troy ounce is 31.1034768 grams.
Scrap value follows purity, so on 7 October 2016 18k gold was worth about $30.11 per gram and 14k about $23.42 per gram, against $40.15 for pure 24k. These are melt values before any dealer margin.
The gold-to-silver ratio closed at about 72.1 on 7 October 2016, meaning one ounce of gold was worth roughly 72.1 ounces of silver.
A week before 7 October 2016, gold was around $1,313.30 per troy ounce, so the close of $1,248.90 is a loss of 4.9% over the week.
A month before 7 October 2016, gold was around $1,344.30 per troy ounce, so the close of $1,248.90 is a loss of 7.1% over the month.
This close was session 6 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 33.88% below the highest close on record up to that date, which was set on 2011-08-22.