Factbox: Gold milestones on the road to record highs

>Following are key dates in gold's trading history since the early 1970s:* August 1971 - U.S. 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. High inflation because of strong oil prices, Soviet intervention in Afghanistan and the impact of the Iranian revolution prompt investors to move into the metal.* August 1999 - Gold falls to a low at $251.70 on worries about central banks reducing reserves of gold bullion and mining companies selling gold in forward markets to protect against falling prices.* October 1999 - Gold reaches a two-year high at $338 after agreement to limit gold sales by 15 European central banks. Market sentiment toward gold begins to turn more positive.* February 2003 - Gold reaches a 4- year high on safe-haven buying in the run-up to the invasion of Iraq.* December 2003-January 2004 - Gold breaks above $400, reaching levels last traded in 1988.

"Market sentiment toward gold begins to turn more positive.* February 2003 - Gold reaches a 4- year high on safe-haven buying in the run-up to the invasion of Iraq.* December 2003-January 2004 - Gold breaks above $400, reaching levels last traded in 1988"Investors increasingly buy gold as risk insurance for portfolios.* November 2005 - Spot gold breaches $500 for the first time since December 1987, when spot hit $502.97.* April 11, 2006 - Gold prices surpass $600, the highest point since December 1980, with funds and investors pouring money into commodities on a weak dollar, firm oil prices and geopolitical worries.* May 12, 2006 - Gold prices peak at $730 an ounce with funds and investors pouring money into commodities on a weak dollar, firm oil prices and political tensions over Iran's nuclear ambitions.* June 14, 2006 - Gold falls 26 percent to $543 from its 26-year peak after investors and speculators sell out of commodity positions.* November 7, 2007 - Spot gold hits a 28-year high of $845.40 an ounce. 1 2 3 Next Tweet this Share this Link this Digg this Email Reprints