Following are key dates in gold's trading history since the early 1970s:

August, 1971 - President Richard Nixon takes the dollar off the gold standard, which had been in place with minor modifications since the Bretton Woods Agreement of 1944 fixed the onversion rate for one Troy ounce of gold at US$35.
August, 1972 - United States devalues dollar to US$38 per ounce of gold.
March, 1973 - Most major countries adopt floating exchange rate system.
May, 1973 - United States devalues dollar to US$42.22 per ounce.
January, 1980 - Gold hits record high at US$850 per ounce. High inflation because of strong oil prices, Soviet intervention in Afghanistan and the impact of the Iranian revolution, which prompted investors to move into the metal.
August, 1999 - Gold falls to all-time low at US$251.70 on worries about central banks reducing reserves of gold bullion and mining companies selling gold in forward markets to protect against falling prices.
October 1999 - Gold surges to two-year high at US$338 after agreement to limit gold sales by 15 European central banks. Market sentiment toward gold begins to turn more positive.
February, 2003 - Gold reaches 4-1/2-year high on safe-haven buying in runup to conflict with Iraq.
December, 2003-January, 2004 - Gold breaks above US$400, reaching levels last traded in 1988. Investors increasingly buy gold as risk insurance for portfolios.
November, 2005 - Spot gold breaches US$500 for the first time since December, 1987, when spot hit US$502.97.
April 11, 2006 - Gold prices surpass the next big level of US$600, the highest since December, 1980, with funds and investors pouring money into commodities on a weak dollar, firm oil prices and geopolitical worries.
May 12, 2006 - Gold prices peak at US$730 an ounce, the highest level since January, 1980, with funds and investors pouring money into commodities on a weak dollar, firm oil prices and political tensions over Iran's nuclear ambitions.
June 14, 2006 - Falls 26% to US$543 from its 26-year peak after investors and speculators sold out of commodity positions.
Nov. 7, 2007 - Spot gold hits a 28-year high of US$845.40 an ounce.
Jan. 2, 2007 - Gold breaks above its record high to trade at US$859.30 per ounce by 1606 GMT.