Stock indices priced in gold
What each of 11 stock indices is worth in gold, and how that changed over one, five and ten years.
7 of 11 stock indices gained against gold over one year, as of 9 October 2026.
Gained the most against gold in one year
- Nikkei 225+29.4%
- Nasdaq+12%
- S&P 500+9.3%
Lost the most against gold in one year
- BSE SENSEX−23.7%
- Hang Seng−15.4%
- CAC 40−11.4%
All 11 stock indices
| Asset and value | 1 year | 5 years | 10 years |
|---|---|---|---|
| Nikkei 2251 oz gold = 9.67 times the Nikkei 225 | +29.4% | −27.6% | −20.5% |
| Nasdaq6.49 oz gold | +12% | −21.8% | +53.2% |
| S&P 5001.85 oz gold | +9.3% | −25.9% | +7.4% |
| Russell 20001 oz gold = 1.50 times the Russell 2000 | +7.1% | −47.6% | −32.8% |
| S&P 500 Value1 oz gold = 18.1 times the S&P 500 Value | +6% | −34.9% | −27% |
| Dow Jones12.3 oz gold | +5% | −38% | −16.1% |
| FTSE 1003.31 oz gold | +4% | −39.8% | −52.7% |
| DAX6.67 oz gold | −6.9% | −33.3% | −28.8% |
| CAC 402.07 oz gold | −11.4% | −51.9% | −47.8% |
| Hang Seng1 oz gold = 1.37 times the Hang Seng | −15.4% | −59.7% | −70.3% |
| BSE SENSEX1 oz gold = 5.63 times the BSE SENSEX | −23.7% | −61.1% | −47.3% |
Values as of 9 October 2026. The percentages are the change of each value measured in gold, sorted by the change over one year. A period an asset's history does not reach is shown as n/a.
What pricing stock indices in gold shows
A stock index is usually quoted in the currency of its home market, and its record highs are counted in that currency. Dividing the index by the gold price asks a different question: how many ounces of gold the same basket of companies would buy. An index can reach new highs in dollars, euros, or yen while it buys less gold than it did before.
Each index here is first converted to US dollars at the exchange rate of the same time and then divided by the gold price. That puts indices from different countries on one scale. Part of what looks like a strong local market is a weak local currency, and pricing every index in gold removes that part.
The long periods matter more than the short ones. Over one year an index and gold can move apart for many reasons. Over ten years the comparison shows whether owning the companies of a market beat holding the metal.
Questions about stock indices and gold
Which stock index gained the most against gold over one year?
Nikkei 225. Measured in gold it gained 29.4% over one year, as of 9 October 2026, more than any other of the 11 stock indices listed here.
How many stock indices beat gold over one year?
7 of 11 stock indices gained against gold over one year, as of 9 October 2026. The other 4 lost value against gold, even where their price in US dollars rose.
How is a stock index priced in gold?
The index level is converted to US dollars where it is quoted in another currency and divided by the gold price in US dollars per troy ounce of the same time. The change in gold compares that figure with the one of a year, five years, or ten years earlier.