Gold milestones on the road to record high

SINGAPORE: Gold struck a record high on Tuesday of at $1,434.65 an ounce as fears ofturmoil in Libya, the Middle East and North Africa triggered safe-haven demand, and soaring oil prices underpinned bullion's appeal as inflation hedge.

For stories on gold rising 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 systems.

* 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 towards gold begins to turn more positive.

* February 2003

Gold reaches a 4-? years 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 it 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.

* Nov. 7, 2007

Spot gold hits a 28-year high of $845.40 an ounce.

* Jan. 2, 2008

Spot gold breaks above $850.

* March 13, 2008

Benchmark gold contracts trades over $1,000 for the first time in U.S. futures market.

* March 17, 2008 Spot gold hits an all-time high of $1,030.80 an ounce. U.S. gold futures touch record peak of $1,033.90.

* Sept. 17, 2008

Spot gold rises by nearly $90 an ounce, a record one-day gain, as investors seek safety amid turmoil on the equity markets.

* Jan-March 2009

Gold-backed exchange-traded funds report record inflows in the first quarter as financial sector insecurity spurs safe-haven buying. Holdings of the largest, the SPDR Gold Trust , rise 45 percent to 1,127.44 tonnes.

* Feb. 20, 2009

Gold rises back above $1,000 an ounce to a peak of $1,005.40 as investors buy bullion as a safe store of value as major economies face recession and equity markets tumble.

* April 24, 2009

China announces it has raised its gold reserves by three-quarters since 2003 and now holds 1,054 tonnes of the precious metal, boosting expectations it may add further to its reserves.

* Aug. 7, 2009

European central banks opt to renew their earlier agreement to limit gold sales over a five-year period, setting the sales cap at 400 tonnes a year.

* Sept. 8, 2009

Gold breaks back through $1,000 an ounce for the first time since February 2009 on dollar weakness and concerns over the sustainability of the economic recovery.

* Dec.1, 2009

Gold climbs above $1,200 an ounce for the first time as the dollar drops.

* Dec. 3, 2009

Gold hits record high at $1,226.10 an ounce, with dollar weakness and expectations for central banks to diversify reserves into gold driving prices higher.

* May 11, 2010

Gold reaches fresh record high above $1,230 an ounce as fears over the contagion of debt issues in the euro zone fuel safe-haven buying.

* June 21, 2010

Gold jumps to a new high at $1,264.90 an ounce as underlying fears over financial market stability and sovereign risk combine with dollar weakness to push the metal through resistance at its previous high.

* Sept 14, 2010

Gold climbs back to record highs, this time at $1,274.75, as global markets reflect renewed uncertainty on the economic outlook.

* Sept 16-22, 2010

Gold hits record highs for five successive sessions, peaking at $1,296.10, as investors flock to bullion after the Fed signals it may consider further quantitative easing, weakening the dollar and raising fears over future inflation.

* Sept 27 S

pot gold prices touch the $1,300 an ounce mark for the first time.

* Oct 7

Gold rallies to a record high above $1,360 an ounce as the dollar comes under pressure from building expectations for the U.S. Federal Reserve to take extra measures to keep interest rates low and prop up the economy.

* Oct 13

Gold jumped to record highs near $1,375 an ounce as the dollar continued to languish, with the U.S. unit coming under pressure after minutes from the Fed's September meeting signalled the U.S. economy may need further stimulus.

* Nov 8

Gold prices break through the $1,400 an ounce mark for the first time as haven buying prompted by renewed budget problems in Ireland more than offset a sharp dollar bounce.

* Dec 7

Gold reaches a fresh record high above $1,425 an ounce, driven by fund buying ahead of year-end, jitters over the euro zone debt crisis and speculation for further U.S monetary easing.

* March 1, 2011 - Gold struck an all-time high at $1,434.65, an ounce as bullion's safe-haven appeal attracted investors during the escalating tensions in the Middle East and North Africa region.