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Monday, Sep. 15, 2025

Has the U.S. dollar lost roughly 50% of its value against gold in the past three years?

Gabriel Vinocur, Econofact
yes

The U.S. dollar can buy less than 50% gold than it could three years ago.

An ounce of gold cost $1,722.10 on Sept. 5, 2022, and $3,612.20 on Sept. 5, 2025. Thus, the dollar’s value against gold has fallen 52.3 percent since September 2022. By comparison, the dollar’s value against the goods and services in the Consumer Price Index has fallen 8.4 percent over this period.

The price of gold often increases during times of economic uncertainty since it is often viewed as a safe-haven asset. For example, during the COVID-19 pandemic in 2020, the price of gold in dollars rose 25% when the Economic Policy Uncertainty Index peaked at 420.8 in May 2020.  This index reached an all-time high of 628.5 in April 2025, before decreasing to 394 in July.

Central banks’ purchases of gold to hold in reserve can also drive up the price of the metal.

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