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A wild year: gold first topped $1,000 in March, then plunged in the financial-crisis liquidity panic before recovering to finish higher.
Monthly path for 2008, anchored to the real open ($ 837.00), the high in March, the low in November, and the close ($ 870.00). The dashed line marks the yearly average; intra-year movement between anchor points is illustrative.
Year-over-year, gold rose +4.44% versus its 2007 close of $ 833.00.
Gold first broke above $1,000 in March as the credit crisis intensified.
The November low came in the Lehman-driven liquidity panic, when investors sold everything for cash.
2008 was one of gold’s most turbulent years. As the credit crisis intensified early in the year, gold broke above $1,000 for the first time in history in March. But when Lehman Brothers collapsed in September and a full-blown liquidity panic set in, investors were forced to sell everything — including gold — to raise cash, and the price tumbled to around $712 by November.
Crucially, gold then recovered strongly into year-end, finishing around $870 — actually up for the year, even as global stocks suffered their worst losses since the Great Depression. That resilience, while almost every other asset collapsed, set the stage for gold’s spectacular run over the following three years.
Gold broke above $1,000 per ounce for the first time ever in March.
The collapse of Lehman Brothers in September triggered a global liquidity crisis.
Forced selling dragged gold down to about $712 by November.
Gold recovered into year-end to finish modestly higher, while most assets crashed.
Gold broke above $1,000 per troy ounce for the first time in history in March 2008.
After Lehman Brothers collapsed, a desperate scramble for cash forced investors to sell even gold to raise liquidity, briefly pushing it to about $712 before it recovered.
Gold's 2008 high was about $ 1,011.00 per troy ounce, reached in March.
The average gold price in 2008 was roughly $ 872.00 per troy ounce — it opened near $ 837.00 and closed around $ 870.00.
Gold rose about 4.3% over 2008, between a low of $ 712.00 and a high of $ 1,011.00.
Historical figures are approximate annual values shown for educational analysis and may differ from other sources. This is not financial advice — see our disclaimer.