Gold after Kuwait invaded (2 Aug 1990)
After Kuwait invaded on 2 Aug 1990, gold was 5.2% higher three months on and 1.9% lower twelve months on, measured from the Jul 1990 monthly average of $363 a troy ounce.
- Gold before
- $363
- Jul 1990
- Gold +3 months
- +5.2%
- Gold +12 months
- -1.9%
- Silver +12 months
- -18.4%
In context
About 100,000 Iraqi troops invaded Kuwait.
Over the same months silver was 14.3% lower three months on and 18.4% lower twelve months on.
Of the 10 geopolitical or monetary shocks on the chart with a full year after them, this ranks 10th for gold twelve months on.
The U.S. military operation before it on the chart: Panama (20 Dec 1989).
The one after: Desert Storm (16 Jan 1991).
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