Gold after Desert Storm (16 Jan 1991)
After Desert Storm on 16 Jan 1991, gold was 5.0% lower three months on and 6.1% lower twelve months on, measured from the Dec 1990 monthly average of $377 a troy ounce.
- Gold before
- $377
- Dec 1990
- Gold +3 months
- -5.0%
- Gold +12 months
- -6.1%
- Silver +12 months
- +0.0%
In context
Coalition air war began the evening of Jan 16 U.S. Eastern (Jan 17 in Baghdad).
Over the same months silver was 2.4% lower three months on and 0.0% higher twelve months on.
Of the 11 U.S. military operations on the chart with a full year after them, this ranks 9th for gold twelve months on.
The geopolitical or monetary shock before it on the chart: Kuwait invaded (2 Aug 1990).
The one after: Asian financial crisis (2 Jul 1997).
Monthly average prices in U.S. dollars per troy ounce (Kitco.com and the World Bank Pink Sheet), from the last full month before a period to its last full month; the record runs Feb 1971 to Oct 2026. What the record did, not a forecast. Source: history.state.gov.
Updated Oct 2026 · record through Oct 2026