How much did gold bullion appreciate when the dollar was devalued in the 1970s?
Spot gold surged to a new high on Wednesday, fuelling buying of the precious metal as an alternative investment.
Both spot gold and U.S. gold futures have benefited from a confluence of factors including the dollar's decline, technical buying momentum and worries about potential inflation as central banks struggle to emerge from unprecedented fiscal stimulus measures.
Following are key dates in gold's trading history since the early 1970s:
* August 1971 - President Richard Nixon takes the dollar off the gold standard, which had been in place with minor modifications since the Bretton Woods Agreement of 1944 fixed the conversion rate for one Troy ounce of gold at $35.
* August 1972 - The United States devalues the dollar to $38 per ounce of gold.
* March 1973 - Most major countries adopt floating exchange rate system.
* May 1973 - U.S. devalues dollar to $42.22 per ounce.
* January 1980 - Gold hits record high at $850 per ounce