WHY GOLD MOVED Gold …

Gold history

What happens to gold when the stock market crashes?

Short answer: gold is not an instant crash shield. In sudden panics it often falls at first, because people sell what they can for cash. It has usually recovered once interest rates were cut. When rates were rising, it fell with stocks.

What history shows (11 sell-offs since 1987)

The first days: mixed. Gold rose on the day in 1987, 2001, 2008 and 2011, but fell hard in the panics of October 2008, March 2020, April 2025 and March 2026.
A year later: gold was higher after 7 of the 10 crashes with a full year of data.
The deciding factor: interest rates. Crashes that led to rate cuts (2001, 2008, 2018, 2020) were followed by gold rising. When the sell-off came with rising rates or a strong dollar (2015, 2022, 2026), gold fell during it and only recovered once rate fears eased.

Every crash at a glance

CrashGold at firstGold 12 months laterWhy
1987 Black Monday
Dow -22.6% in one day
Up, then gave it back−15%Dash for cash
2000 Dot-com crash
S&P 500 -49% over 2.5 years
Fell at first−8%Strong dollar, then rate cuts
2001 9/11 attacks
Dow -7.1% when trading reopened
Up+8%Safe haven + rate cut
2008 Financial crash
S&P 500 -57% peak to low
Up, then fell hard+29%Dash for cash, then rate cuts
2011 US credit downgrade
S&P 500 -6.7% in one day
Up, to records−5%Safe haven + money printing
2015 China Black Monday
S&P 500 -3.9% in one day
Flat+14%Rate-hike fears
2018 Late-2018 sell-off
S&P 500 -20% peak to low
Up+18%Fewer rate rises
2020 Covid crash
S&P 500 -34% in a month; -12% on 16 Mar
Fell hard, then records+15%Dash for cash, then rate cuts
2022 Rate-hike bear market
S&P 500 -25% peak to low
Fell+12%Rising rates, strong dollar
2025 Tariff crash
S&P 500 -12% in four days
Dipped, then records+53%Dash for cash, then weak dollar
2026 Iran war sell-off
Nasdaq -13%, S&P 500 -9%
Fell hardnot yetOil shock, rate-rise fears

"12 months later" compares gold one year after the crash day (or the stock market low) with its price that day. Click a crash for the full story.

Gold 12 months after each crash

Why gold often falls first

  • The dash for cash. When stocks crash, funds that borrowed money get margin calls. They sell what is easy to sell, and gold is one of the easiest.
  • The dollar jumps. In a panic, money rushes into US dollars. Gold is priced in dollars, so a stronger dollar usually pushes it down.
  • Then rates decide. If the crash makes the central bank cut rates, gold usually recovers: it pays no interest, so lower rates make it more attractive. If rates are rising, gold struggles. Why rates matter for gold.

1987: Black Monday

19 Oct 1987 · Dow -22.6% in one day · gold on the day: +3.4%

Gold jumped 3.4% on the crash day, then gave it all back the next day (-3.5%) as panicked investors sold anything they could for cash. It held around $475 for three months, but a year later it was about 15% lower. A crash alone did not lift gold for long.

GoldPricevs crash day
1 month before
18 Sep 1987
$462
Crash day
19 Oct 1987
$481
1 week after
26 Oct 1987
$475−1%
3 months after
19 Jan 1988
$477−1%
12 months after
19 Oct 1988
$411−15%

Gold in US dollars per ounce (London PM price). Sources: [1] [2] [3]

2000: Dot-com crash

Mar 2000 to Oct 2002 · S&P 500 -49% over 2.5 years · gold on the day: flat

Gold did not shine when the tech bubble burst. Central banks were selling gold and the dollar was strong, so it drifted to about $257 in April 2001. Then the Fed cut rates hard and the dollar weakened. By the stock market's low in October 2002, gold was about 12% higher than at the March 2000 peak.

GoldPricevs crash day
1 month before
24 Feb 2000
$299
Crash day
24 Mar 2000 (stock peak)
$285
1 week after
31 Mar 2000
$277−3%
3 months after
23 Jun 2000
$286+0%
12 months after
23 Mar 2001
$263−8%

Gold in US dollars per ounce (London PM price. This was a slow fall, so "crash day" here is the day stocks peaked). Sources: [1] [2] [3]

2001: 9/11 attacks

11 to 17 Sep 2001 · Dow -7.1% when trading reopened · gold on the day: +2.6%

Gold spiked about 6% on the day of the attacks as people grabbed safe assets, and rose again when Wall Street reopened on 17 Sep alongside an emergency Fed rate cut. The jump faded within three months, but a year later gold was about 8% higher as the dollar weakened.

GoldPricevs crash day
1 month before
17 Aug 2001
$277
Crash day
17 Sep 2001
$293
1 week after
24 Sep 2001
$288−2%
3 months after
17 Dec 2001
$278−5%
12 months after
17 Sep 2002
$316+8%

Gold in US dollars per ounce (London PM price). Sources: [1] [2] [3]

2008: Financial crash

2008: Lehman Brothers collapsed 15 Sep (stocks fell from Oct 2007 to Mar 2009) · S&P 500 -57% peak to low · gold on the day: +3.3%

Gold rose as the bank Lehman Brothers collapsed, then fell hard in October 2008 (to about $692 on 24 Oct, around 30% below its March record) as hedge funds sold gold to raise cash for margin calls and the dollar jumped. Once the Fed cut rates to near zero in December and started printing money, gold recovered. A year after the collapse it was about 29% higher. Over the whole stock crash, gold rose about 25% while the S&P 500 lost 57%.

GoldPricevs crash day
1 month before
15 Aug 2008
$786
Crash day
15 Sep 2008
$775
1 week after
22 Sep 2008
$889+15%
3 months after
15 Dec 2008
$826+7%
12 months after
15 Sep 2009
$996+29%

Gold in US dollars per ounce (London PM price). Sources: [1] [2] [3]

2011: US credit downgrade

8 Aug 2011 · S&P 500 -6.7% in one day · gold on the day: +2.1%

This time gold acted as a haven straight away. It hit record highs as the US lost its top credit rating, with fears about the dollar and the euro and hopes of more money printing. It peaked at about $1,920 on 6 Sep 2011. A year later it was about 5% lower than on the crash day.

GoldPricevs crash day
1 month before
8 Jul 2011
$1,542
Crash day
8 Aug 2011
$1,693
1 week after
15 Aug 2011
$1,739+3%
3 months after
8 Nov 2011
$1,795+6%
12 months after
8 Aug 2012
$1,613−5%

Gold in US dollars per ounce (London PM price). Sources: [1] [2]

2015: China Black Monday

24 Aug 2015 · S&P 500 -3.9% in one day · gold on the day: about -0.5%

Gold had already risen the week before on China fears, then barely moved on the crash day, with some traders selling it to cover losses elsewhere. Over the next three months it slid towards six-year lows because the Fed was getting ready to raise rates. A year later it was about 14% higher.

GoldPricevs crash day
1 month before
24 Jul 2015
$1,081
Crash day
24 Aug 2015
$1,166
1 week after
1 Sep 2015
$1,142−2%
3 months after
24 Nov 2015
$1,076−8%
12 months after
24 Aug 2016
$1,327+14%

Gold in US dollars per ounce (London PM price). Sources: [1] [2]

2018: Late-2018 sell-off

Sep to 24 Dec 2018 · S&P 500 -20% peak to low · gold on the day: flat

Gold rose while stocks fell, reaching six-month highs in late December. Markets started expecting fewer Fed rate rises, the dollar eased, and a US government shutdown added some safe-haven buying. A year later gold was about 18% higher.

GoldPricevs crash day
1 month before
20 Aug 2018
$1,191
Crash day
24 Dec 2018 (stock low)
$1,269
1 week after
31 Dec 2018
$1,282+1%
3 months after
25 Mar 2019
$1,322+4%
12 months after
24 Dec 2019
$1,498+18%

Gold in US dollars per ounce (daily spot price. "Crash day" here is the stock market low). Sources: [1] [2]

2020: Covid crash

16 Mar 2020 (Feb to Mar 2020) · S&P 500 -34% in a month; -12% on 16 Mar · gold on the day: -1.4%

Gold fell about 12% in ten days (9 to 19 Mar 2020) as investors sold it to raise cash and cover losses. Then the Fed cut rates to zero and governments spent heavily. Gold hit a record of about $2,034 (London price) on 6 Aug 2020, up more than a third from the March low.

GoldPricevs crash day
1 month before
14 Feb 2020
$1,584
Crash day
16 Mar 2020
$1,507
1 week after
23 Mar 2020
$1,567+4%
3 months after
16 Jun 2020
$1,727+15%
12 months after
16 Mar 2021
$1,732+15%

Gold in US dollars per ounce (daily spot price). Sources: [1] [2]

2022: Rate-hike bear market

Jan to 12 Oct 2022 · S&P 500 -25% peak to low · gold on the day: flat

Gold fell with stocks. The Fed was raising rates fast to fight inflation and the dollar was very strong, so a metal that pays no interest looked less attractive. By the stock low gold was about 7% below where it started the year. It rallied strongly once markets expected rate rises to slow.

GoldPricevs crash day
1 month before
3 Dec 2021
$1,783
Crash day
12 Oct 2022 (stock low)
$1,673
1 week after
19 Oct 2022
$1,629−3%
3 months after
12 Jan 2023
$1,897+13%
12 months after
12 Oct 2023
$1,870+12%

Gold in US dollars per ounce (daily spot price. "Crash day" here is the stock market low). Sources: [1] [2]

2025: Tariff crash

3 to 8 Apr 2025 · S&P 500 -12% in four days · gold on the day: -2.0%

Gold hit a record on 3 Apr, then dropped about 2% as traders sold it to cover losses on stocks. Within a week it was at new records above $3,200 as recession fears grew and the dollar weakened. A year later it was about 53% higher.

GoldPricevs crash day
1 month before
4 Mar 2025
$2,906
Crash day
4 Apr 2025
$3,054
1 week after
11 Apr 2025
$3,230+6%
3 months after
3 Jul 2025
$3,332+9%
12 months after
2 Apr 2026
$4,677+53%

Gold in US dollars per ounce (London PM price. The 12-month figure is a daily spot price (no London price that day)). Sources: [1] [2]

2026: Iran war sell-off

Mar 2026 · Nasdaq -13%, S&P 500 -9% · gold on the day: -2.6%

Gold did not act as a safe haven. The war closed the Strait of Hormuz, oil jumped, and markets started to expect US rate rises instead of cuts. Gold fell about 16% in the first month, its worst month since 2013, as investors also sold what they could. It bounced after the ceasefire in April, then slid again as rate-rise fears returned.

GoldPricevs crash day
1 month before
27 Feb 2026
$5,279
Crash day
26 Mar 2026
$4,396
1 week after
2 Apr 2026
$4,677+6%
3 months after
26 Jun 2026
$4,089−7%
12 months afterNot yet (this was in 2026)

Gold in US dollars per ounce (daily spot price). Sources: [1] [2] [3]

Is the stock market about to crash?

Nobody can reliably time a crash, and we never try. Things people often watch include very high stock valuations, rising unemployment, falling company profits and stress in lending markets, but they give false alarms too.

What we do: explain why gold moved, every day, in plain English. If markets do crash, our Why is gold moving today? page and gold news calendar follow it as it happens.

History only, for learning. Past patterns can change. Gold prices are London PM prices where marked, otherwise daily spot prices from published data; some days had no London price, so the nearest trading day is used. Stock falls use closing prices. Not financial advice.

Questions people ask

Does gold go up when the stock market crashes?

Not always, and often not at first. In sudden crashes gold often falls in the first days because investors sell what they can to raise cash (2008, 2020, April 2025). It has usually recovered once central banks cut interest rates. When a crash comes with rising interest rates or a strong dollar (2022, March 2026), gold fell too.

Why does gold fall during a crash?

Because it is easy to sell. When stocks crash, funds that borrowed money get margin calls and sell their easiest assets, including gold, to raise cash. A strong dollar in a panic also pushes gold down.

What did gold do in 2008?

It rose when Lehman Brothers collapsed in September 2008, then fell about 30% from its March record to late October as funds sold it for cash. After the Fed cut rates to near zero and started printing money, gold recovered. It was about 29% higher a year after Lehman.

What did gold do in the 2020 Covid crash?

It fell about 12% in ten days in March 2020, then hit a record of about $2,034 in August 2020 after the Fed cut rates to zero.

Is the stock market about to crash?

Nobody can reliably say when a crash will happen, and we do not try. This page shows what gold did in past crashes, for learning. Past patterns can change.

Is gold a good hedge against a crash?

We do not give advice. History shows gold has sometimes held up better than stocks over the following year, but it has also fallen alongside them, especially at the start of a panic and when interest rates were rising.

Gold price history since 1960 How gold reacts to news

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