Gold averaged $40.36 an ounce in 1971, rising 16.1% over the year. On August 15, 1971, President Nixon suspended the dollar's convertibility into gold, ending the Bretton Woods system and letting the gold price float.
| Month | Average | High | Low |
|---|---|---|---|
| January | $37.46 | $37.87 | $37.44 |
| February | $37.91 | $38.74 | $37.87 |
| March | $38.75 | $38.87 | $38.74 |
| April | $38.88 | $39.01 | $38.87 |
| May | $39.08 | $40.52 | $39.01 |
| June | $40.50 | $40.52 | $40.10 |
| July | $40.14 | $40.95 | $40.10 |
| August | $41.03 | $42.73 | $40.95 |
| September | $42.70 | $42.73 | $42.02 |
| October | $42.04 | $42.50 | $42.02 |
| November | $42.52 | $42.86 | $42.50 |
| December | $42.89 | $43.48 | $42.86 |
Gold averaged $40.36 per troy ounce in 1971. It opened the year at $37.44 and closed at $43.48.
Gold's highest daily price in 1971 was $43.48 on December 31; its lowest was $37.44 on January 1.
Adjusted for US consumer price inflation, 1971's average gold price of $40.36 equals about $333 in today's dollars.
At 1971's average price, $1,000 bought about 24.78 ounces of gold, worth $103,936 at today's price of $4,194.40.