Monthly prices for gold worldwide 2011-2023

As of July 2023, the London (morning fixing) price of an ounce of gold cost an average of 1,949.57 U.S. dollars, an increase compared to the average monthly morning fixing price of 1,943.61 dollars per ounce in the previous month.

London fixing gold price

In January 2020, the average price for an ounce of fine gold was 1,560.67 U.S. dollars. It increased to 1,935.04 U.S. dollars as of April 2022. Although the monthly price for fine gold fluctuates, the average annual price of fine gold is gradually increasing. In 2001, the price for one ounce of gold was 271 U.S. dollars, and by 2012 the price had risen to some 1,670 U.S. dollars. By 2021, the annual average gold price was 1,798.61 U.S. dollars per ounce. In 2019, global gold demand reached 4,355.7 metric tons worldwide. Gold demand decreased to 3,759.6 metric tons in 2020 as a result of the coronavirus pandemic, which was the first year since 2009 to have demand under 4,000 metric tons.

Price determinants of fine gold

Fine gold is considered to be almost pure gold where the value of the metal depends on the percentage of fineness. Twenty-four carat gold is considered fine gold (from 99.9 percent gold by mass and higher). London Gold Fix acts as a benchmark for the price of gold. The price of gold is set by the members of the London Gold Market Fixing Ltd undertaken by Barclays and its other members. The price is determined twice per business day at 10:30 am and 3:00 pm based on the London bullion market in order to settle contracts within the bullion market. The price is based on the equilibrium point between supply and demand agreed upon by participating banks. Gold prices must remain flexible and gold fixing provides an instantaneous price at specified times.