In January 1980 gold was fixed at a record 850 USD an ounce while high inflation, strong oil prices , Soviet intervention in Afghanistan as well as the impact of the Iranian revolution prompted investors to heavily buy the metal. Adjusting for inflation, meant the 1980 record high price was actually $2,079 an ounce at 2006 prices, while, according to precious metals consultancy GFMS, the real average price in 1980 was calculated at $1,503.
