The above statistic describes the change of the annual average gold price between 1900 and 2014, in U.S. dollars per troy ounce. In 1981, a troy ounce of gold had an annual average price of around 460 U.S. dollars.
Gold market and industry
From 2012 to 2013, the annual average gold price dropped from 1,669 U.S. dollars per troy ounce to 1,411 U.S. dollars per troy ounce. The average price has grown significantly since the early 2000s with an annual average price of 279 U.S. dollars per troy ounce in 2001. Similarly, the costs for mining gold are also on the rise. In 2005, mining costs totaled 280 U.S. dollars per troy ounce and increased to 566 U.S. dollars per troy ounce in 2010.
Gold is a metal that is considered malleable, ductile and is known for its bright lustrous yellow color. This transition metal is highly valued as a precious metal for its use in coins, jewelry, and in investments. Gold was also once used as a standard for monetary policies between different countries. The price of gold is determined by daily fixings where participants agree to buy or sell at a set price or to maintain the price through supply and demand control. For gold, companies like Barclays Capital, Scotia-Mocatta, Sociétè Générale, HSBC, and Deutsche Bank are members in gold fixing at the London Bullion Market Association.
Within the gold mining industry, the largest gold deal based on value in 2014 was the acquisition of the Osisko Mining Group by Yamana Gold and Agnico Eagle Mines for 3.6 billion U.S. dollars. However, gold mining has become a subject of controversy and has prompted the need for recycling the precious metal. The United States recycled 129 metric tons of gold in 2012.