When did the US stop backing the US Dollar in gold?

The United States officially stopped backing the US dollar with gold in 1971, a decision known as the "Nixon Shock." On August 15, 1971, President Richard Nixon announced the suspension of the dollar's convertibility into gold, effectively ending the Bretton Woods system. This move transitioned the US dollar to a Fiat currency system, where its value is not based on physical commodities but rather on government decree and economic stability.