Historical dataset of nominal and real (inflation-adjusted) gold prices per ounce back to 1915. The series is deflated using the headline Consumer Price Index (CPI) with the most recent month as the base. The current month is updated on an hourly basis with today's latest value.

As of December 2024, the London (morning fixing) price of an ounce of gold cost an average of 2,643.83 U.S. dollars, a slight decrease compared to the average monthly morning fixing price of 2,656.09 U.S. 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 2023, the annual average gold price was nearly 2,000 dollars per ounce. In that year, global gold demand reached 4,448.3 metric tons worldwide. 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.

The price of gold per troy ounce increased considerably between 1990 and 2024, despite some fluctuations. A troy ounce is the international common unit of weight used for precious metals and is approximately 31.3 grams. At the end of 2024, a troy ounce of gold cost 2,386.2 U.S. dollars. Price of – additional information In 2000 the price of gold was at its lowest since 1990, with a troy ounce of gold costing 274.5 U.S. dollars in that year. Since then gold prices have been rising and after the economic crisis of 2008 the price of gold rose at higher rates than ever before as the market began to see gold as an increasingly good investment. History has shown that time and time again, gold is seen as a good investment in times of uncertainty because it can or is thought to function as a good store of value against a declining currency as well as providing protection against inflation. However unlike other commodities, once gold is mined it does not get used up like other commodities (for example, such as gasoline). So while gold may be a good investment at times, the supply demand argument does not apply to gold. Nonetheless, the demand for gold has been mostly consistent.

Historical dataset of the price of gold in U.S. dollars over the last 10 years.

In 2023, one troy ounce of gold had an annual average price of 1,943.08 U.S. dollars. Gold market and industry From 2012 to 2018, the annual average gold price dropped from 1,668.98 U.S. dollars per troy ounce to 1,268.49 U.S. dollars per troy ounce, with a slight growth to approximately 1,400 U.S. dollars per troy ounce in 2019. In 2020 the figure rebounded to a record 1,769.64 U.S. dollars per ounce. The average price has grown significantly from the early 2000s with an annual average price of 279 U.S. dollars per troy ounce in 2001 up to the record high in 2020. Similarly, the costs of mining gold have risen considerably in recent years. In 2005, mining costs totaled 280 U.S. dollars per troy ounce and increased to 566 U.S. dollars per troy ounce in 2010. As of 2022, for example, Canadian company Barrick Gold reported an average realized gold price of 1,795 dollars per ounce. Gold pricing determinants 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.

Silver increased 4.76 USD/t. oz or 16.49% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Silver - values, historical data, forecasts and news - updated on March of 2025.

Between January 1971 and March 2024, gold had average annual returns of 7.98 percent, which was only slightly behind the return of commodities, with an annual average of eight percent. The annual average return of gold in 2023 was 13.1 percent. What is the total global demand for gold? The global demand for gold remains robust owing to its historical importance, financial stability, and cultural appeal. During economic uncertainty, investors look for a safe haven, while emerging markets fuel jewelry demand. A distinct contrast transpired during COVID-19, when the global demand for gold experienced a sharp decline in 2020 owing to a reduction in consumer spending. However, the subsequent years saw an increase in demand for the precious metal. How much gold is produced worldwide? The production of gold depends mainly on geological formations, market demand, and the cost of production. These factors have a significant impact on the discovery, extraction, and economic viability of gold mining operations worldwide. In 2024, the worldwide production of gold was expected to reach 124 million ounces, and it is anticipated that the rate of growth will increase as exploration technologies improve, gold prices rise, and mining practices improve.

Explore the Gold Bullion Market trends! Covers key players, growth rate 13.1% CAGR, market size $142.07 Billion, and forecasts to 2033. Get insights now!

Gold Jewelry Market size was valued at USD 192,500.00 Million in 2023 and is projected to reach USD 344,856.21 Million by 2031, growing at a CAGR of 7.69% from 2024 to 2031.

Global Gold Jewelry Market Overview

The Global Gold Jewelry Market is significantly driven as disposable incomes rise in emerging markets, particularly in countries like India and China, more consumers have the financial means to purchase luxury items, including gold jewelry. Economic growth in these regions, accompanied by urbanization and an expanding middle class, allows consumers to indulge in higher-end products. Gold, in these markets, is seen not just as an accessory but as a symbol of wealth and social status. Additionally, gold’s reputation as a secure investment option especially in times of economic uncertainty encourages consumers to buy gold jewelry as a form of financial protection.

This statistic depicts the average monthly prices for silver worldwide from January 2014 through January 2025. In January 2025, the average monthly price for silver worldwide stood at 30.41 nominal U.S. dollars per troy ounce.

Iron Ore decreased 1.36 USD/MT or 1.31% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Iron Ore - values, historical data, forecasts and news - updated on March of 2025.

Brent decreased 0.64 USD/BBL or 0.85% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil - values, historical data, forecasts and news - updated on March of 2025.

Titanium increased 3.50 CNY/KG or 7.87% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Titanium.

China Jewelry Market size was valued at USD 64.53 Billion in 2024 and is projected to reach USD 109.22 Billion by 2031, growing at a CAGR of 7.50% from 2024 to 2031.

Key Market Drivers:

Shift Towards Branded Jewelry: Chinese shoppers are increasingly preferring branded jewelry to generic items. According to Bain & Company, the branded fine jewelry segment in China will expand by 22% in 2021, exceeding the overall growth of the jewelry market. This tendency is fueled by consumers’ desire for the quality guarantee and status that comes with well-known brands.
Rising Disposable Income and Middle-Class Growth: The rising disposable income of Chinese consumers has driven up demand for luxury products, particularly jewelry. According to the National Bureau of Statistics of China, Chinese residents’ per capita disposable income reached 35,128 yuan (about $5,435) in 2021, up 9.1% from the previous year. This increased purchasing power is driving the growth of the jewelry market.
Growing Popularity of Gold Jewelry: Gold jewelry is a major driver of the Chinese jewelry market. According to the World Gold Council, China’s demand for gold jewelry will reach 675 tons in 2021, a 63% rise over the previous year. This increase in demand is due to cultural preferences and the idea of gold as a store of value.

In 2024, the retail value of the jewelry market in Japan stayed above one trillion Japanese yen for the first consecutive time in decades. Forecasts expected the market size to remain at the same level in the following years until 2025. As part of the Japanese luxury goods market, the jewelry segment has been affected by the drop in consumer confidence since the burst of the economic bubble in the 90s. While the market has stabilized in the last decade, it has not seen the same demand as before the financial crises. Jewelries and accessories A Japanese multi-person household spent on average 3.6 Japanese yen on accessories like rings, necklaces, and earrings in 2024. While fine jewelry contributes a significant share of the market value, it targets primarily wealthy luxury goods consumers and, as a niche market, the wedding and bridal market. On the other hand, pieces made from semi-precious metals like copper, stainless steel, and titanium are enjoying popularity for their affordability and wide range of designs that complement casual fashion. Japan’s jewelry demand Jewelries are a pillar of the Japanese luxury goods market, comprised of a range of mass-produced semi-precious metal accessories and carefully crafted fine jewelries. Precious metals were mined on a large scale domestically in the past, but the depletion of most deposits reduced metallic mineral production to gold and silver mining. Nonetheless, imports of gold and silver are necessary to cover demand across various industries, which drives up the prices of fine jewelry. As such, young adults were very unlikely to have experience with buying gold or jewelry made of the precious metal, which is more common among financially more stable older consumers.

Copper increased 1.13 USd/LB or 28.38% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Copper - values, historical data, forecasts and news - updated on March of 2025.

The demand for gold across India was about 747.5 metric tons in 2023. This represented a decrease of three percent in comparison to the previous year, when the gold demand was 774 metric tons. Gold supply Gold demand in India is principally met through imports. India is one of the leading countries for gold imports. In financial year 2022, the value of India’s gold imports was estimated at over 3.4 trillion Indian rupees. The import of gold was a major cause for the country’s trade deficit. To curb imports, the Modi government changed India’s gold import policy. This was done by introducing a higher import duty and allowing import only via nominated agencies which were notified by the Reserve Bank of India and the Directorate General of Foreign Trade. The country produces a minimal amount of its gold needs through local mining. The volume of gold mined in India has remained below two metric tons since financial year 2013, while a small amount is also generated by the recycling the precious metal. Reasons to purchase gold Gold purchases are considered an important source of investment. Weddings and festivals across the country lead to major gold sales. Around 20 percent of annual sales come from Deepavali, the Hindu festival of lights. The precious metal is considered auspicious and is worn on important occasions and ceremonies in India, mainly in the form of jewelry. Since 2010, more than 500 metric tons of gold jewelry are consumed in the country every year.

The Demi-fine Jewelry Market size was valued at USD XX billion in 2023 and is projected to reach USD XXX billion by 2032, exhibiting a CAGR of 14.8 % during the forecasts period. Demi-fine jewelry is a term that captures the essence of luxury and accessibility, offering a middle ground between gold fine jewelry and more affordable jewelry. This class is characterized by the use of precious metals such as silver, often covered with a thick layer of high-quality gold vermeil and sometimes covered with semi-precious stones. The balance of materials ensures that semi-fine jewelry maintains quality and durability without the steep price tag of fine jewelry. The charm of semi-fine jewelry lies in its ability to offer jewelry that is both elegant and accessible. It is suitable for those who seek the elegance and longevity of fine jewelry but at a more affordable price. Demi-fine pieces are versatile and suitable for everyday life as well as for special occasions when people can elevate their style to a more refined level.