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)
Every crash at a glance
| Crash | Gold at first | Gold 12 months later | Why |
|---|---|---|---|
| 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 hard | not yet | Oil 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.
| Gold | Price | vs 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.
| Gold | Price | vs 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.
| Gold | Price | vs 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%.
| Gold | Price | vs 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.
| Gold | Price | vs 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.
| Gold | Price | vs 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.
| Gold | Price | vs 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.
| Gold | Price | vs 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.
| Gold | Price | vs 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.
| Gold | Price | vs 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.
| Gold | Price | vs 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 after | Not 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.
Know why gold moved, within minutes
Every jobs report, inflation number and Fed decision, explained in plain English as it lands. Free.