Dollar vs Gold: price, purchasing power, real yields and the dollar index
As of October 28, 2026, an ounce of gold costs $4,044, so $1,000 buys 0.247 ounces. Gold is down 1.6% over the past year, up 125.6% over five years and -23% from its February 2026 month-end high of $5,278. Measured in gold, the dollar has lost 92% of its buying power since January 2000.
Gold as of October 28, 2026 (Twelve Data); real yields, the dollar index, inflation and cash yields as of October 2026 or later (FRED). Refreshed weekly.
What is the gold price in dollars today?
Gold is priced in US dollars, so a gold price is also a statement about the dollar.
| When | Price per ounce | Date | Change since |
|---|---|---|---|
| Now | $4,044 | Oct 28, 2026 | |
| 1 year ago | $4,111 | Oct 25, 2025 | -1.6% |
| 3 years ago | $2,006 | Oct 27, 2023 | +101.6% |
| 5 years ago | $1,792 | Oct 22, 2021 | +125.6% |
| 10 years ago | $1,304 | October 2016 month-end | +210% |
| 20 years ago | $628 | October 2006 month-end | +544% |
| January 2000 | $315 | Jan 2000 month-end | +1183% |
The high on record in this series is $5,278 (February 2026 month-end); gold is -23.4% from it. Prices are spot gold in US dollars (XAU/USD) from Twelve Data: weekly closes for the five-year chart and month-end closes since 2000.
How much gold does a dollar buy?
The same price, turned upside down.
| When | Ounces for $1,000 | Price per ounce |
|---|---|---|
| January 2000 | 3.17 | $315 |
| Now | 0.25 | $4,044 |
$1,000 bought 3.17 ounces of gold in January 2000 and buys 0.25 ounces now: the dollar has lost 92% of its purchasing power measured in gold. That is one measure of one asset's price, not a statement about what a dollar buys in a shop; see inflation below.
Does gold follow real yields?
Real yields are the interest rate after inflation on the safest long bond.
| Period | Correlation | Months | Link |
|---|---|---|---|
| Since 2003 | -0.30 | 285 | moderate |
| Past three years | -0.22 | 37 | moderate |
The real yield is what the US Treasury pays on 10-year inflation-protected bonds (TIPS), after inflation: 2.82% in October 2026. Gold pays nothing, so the textbook expects it to do worse when real yields rise and better when they fall, which a negative correlation would show. The table compares each month's percentage change in gold with that month's change in the real yield. A link is not a cause.
Does gold move with the dollar index?
A dollar that is strong against other currencies tends to make a dollar-priced asset dearer for everyone else.
| Period | Correlation | Months | Link |
|---|---|---|---|
| Since 2006 | -0.29 | 248 | moderate |
| Past three years | -0.42 | 36 | moderate |
The Federal Reserve's broad dollar index weighs the dollar against a basket of trading partners; it stood at 119.2 in September 2026, down 0.7% over twelve months. Because gold is priced in dollars, a falling dollar tends to lift its dollar price, which a negative correlation would show. Compare how the dollar has done against single currencies on the currency comparison pages.
Is gold keeping up with inflation and money growth?
The dollar price of gold in constant dollars.
| Measure | Value |
|---|---|
| Gold in today's dollars (now) | $4,045 |
| Inflation-adjusted high (February 2026) | $5,420 |
| Now versus that high | -25.4% |
| US consumer prices, five years | +22.8% |
| US M2 money supply, five years | +11.2% |
| Gold, five years | +125.6% |
Adjusting gold's price by the US consumer price index puts every month's price in September 2026 dollars, so it can be compared across 26 years. M2 is the broad US money supply (what is M2?). Consumer prices rose +23% and M2 +11% in five years, against +126% for gold.
What is gold worth in euros, pounds and yen?
A dollar price is only one way to see it.
| Currency | Price per ounce | 1 year | 5 years |
|---|---|---|---|
| Dollar | 4,165 USD | -1.7% | +132.4% |
| Euro | 3,720 EUR | +2.5% | +141.4% |
| Pound | 3,114 GBP | -1.3% | +138.7% |
| Yen | 653,439 JPY | +2.6% | +221.1% |
| Swiss Franc | 3,436 CHF | +2.4% | +109.2% |
| Canadian Dollar | 5,829 CAD | -2.1% | +162.6% |
| Australian Dollar | 5,919 AUD | -9.4% | +146.5% |
| Yuan | 27,785 CNY | -8.0% | +142.8% |
| Indian Rupee | 395,469 INR | +6.1% | +194.7% |
| Mexican Peso | 77,744 MXN | -0.5% | +114.6% |
| Brazilian Real | 20,998 BRL | -8.5% | +104.7% |
Gold is priced in dollars, so its price in another currency is the dollar price converted at that day's exchange rate. Over twelve months gold rose most in Indian Rupee terms (+6.1%) and least in Australian Dollar terms (-9.4%): the gap is the exchange rates. Each currency name links to its own comparison with the dollar.
Gold vs stocks vs cash: what has each done?
Same five years, three kinds of asset.
| Asset | Five-year change | What it pays |
|---|---|---|
| Gold | +125.6% | no income |
| US stocks (S&P 500, price only, via SPY) | +67.7% | dividends, about 1% to 2% a year |
| US 3-month Treasury bill | n/a | 4.06% (October 2026) |
| US 10-year Treasury note | n/a | 4.99% (September 2026) |
Gold has no yield, so holding it has an opportunity cost: the interest a bill or bond pays instead (4.06% on 3-month bills). The stock figure is the price of SPY, an S&P 500 fund, without dividends. See which stocks are cheap on this site's own measures in the screener.
Frequently asked questions: dollar vs gold
What is the price of gold in US dollars today?
As of October 28, 2026, gold (XAU/USD) is $4,044 per troy ounce, down 1.6% over the past year and up 125.6% over five years.
How much gold can a dollar buy?
$1,000 buys 0.247 troy ounces of gold today, against 3.17 ounces in January 2000: the dollar has lost 92% of its purchasing power measured in gold.
Does gold rise when the dollar falls?
Often, but not always. The correlation between monthly changes in gold and in the Federal Reserve's broad dollar index was -0.29 since 2006 (moderate) and -0.42 over the past three years (moderate).
What do real yields have to do with gold?
Gold pays no interest, so a higher return on safe inflation-protected bonds raises the cost of holding it. The 10-year real yield is 2.82%. Monthly changes in gold and in the real yield had a correlation of -0.30 since 2003 and -0.22 over the past three years.
Is gold above its inflation-adjusted high?
Gold in September 2026 dollars is $4,045, -25.4% compared with the inflation-adjusted high of $5,420 in February 2026 in the data since 2000.
Why compare gold with currencies?
Gold is a store of value that no government issues, so it is a common yardstick for what currencies are worth. See how the dollar compares with the euro, the pound and the yen, or open all currency comparisons.
Where does this data come from?
Gold is spot XAU/USD from Twelve Data; real yields, the dollar index, consumer prices, M2 and Treasury yields come from FRED (the St. Louis Fed). The page is rebuilt every week.
Where does this data come from?
- Gold: Twelve Data: spot gold in US dollars (XAU/USD), daily for five years and weekly since 2000.
- Real yields, dollar index, inflation, money and yields: FRED (St. Louis Fed): 10-year TIPS real yield, the trade-weighted broad dollar index, consumer price index, M2 and Treasury yields.
- Exchange rates for gold in other currencies: FRED (St. Louis Fed)'s H.10 daily exchange rates.
- S&P 500: the price of SPY, from this site's own price history.
- Method and limits: every figure is shown as published, with its date, and refreshed weekly (data as of October 28, 2026). There is no composite score, and nothing here predicts where a rate goes next. Read the Editorial Standards for how this site handles data.
Educational content only, not investment, currency-trading or tax advice. Exchange rates and interest rates move for reasons no single table captures.