Almost 20 years ago, the first iPhone went on sale and revolutionised the mobile phone market. It was not even the first official smartphone, though. That honour belongs to the Ericsson R380, which appeared as early as 1999. Nevertheless, the iPhone caught on and is still regarded as the ultimate benchmark – including when it comes to price. Unlike almost all other electronic devices, such as PCs or large-screen televisions, the iPhone has become ever more expensive since its launch in 2007, at least when paying in US dollars or euros. Measured in gold, however, Apple’s flagship product has never been as cheap as it is now.
Price trend: iPhone steadily more expensive since 2007
The first iPhone cost US$599 at the time, which equates to around US$1,000 in inflation-adjusted terms today. The latest iPhone 18 Pro Max, by contrast, comes in at US$1,699, with the Duo even reaching US$1,999. That represents a price increase of 184 per cent compared with the original model. The trend can also be traced across other iPhone versions, as the “In Gold We Trust” report, September 2026 edition, shows: the second iPhone in 2008 already cost 16.7 per cent more than the original. Substantial price jumps came with the iPhone 4, at a 21.5 per cent premium over the previous year’s model, and above all in 2017 with the iPhone X, at 35.3 per cent. The iPhone 18 Pro Max is the most expensive of all time.
Gold holders: iPhone cheaper than ever
In 2007, buyers still had to hand over 0.92 ounces of gold for the first iPhone. Today, despite a selling price that has risen by 180 per cent, only 0.38 ounces are due. The reason is simple: the iPhone has become more expensive by an average of 5.6 per cent per year since 2007, whereas gold has gained 10.7 per cent per year in value over the same period – despite the 2026 price correction.