Gold price & history

Gold spent much of the 2010s trading in a relatively wide but bounded range, stuck between roughly $1,100 and $1,900 per ounce as rising interest rates and a strong dollar kept a ceiling on prices. The structural shift began in 2022, when central banks in emerging markets started accumulating gold at a pace not seen in decades, driven by concerns over sanctions exposure and US dollar dependence following the freezing of Russian reserves.

The advance broadened in 2025. The World Gold Council’s 29 January 2026 review records an annual LBMA PM average of US$3,431 per troy ounce and 53 new price highs. ETF holdings grew by 801 tonnes. These are historical market observations, separate from the supplier-derived retail reference displayed above.

On the supply side, the same full-year review estimates that total supply rose 1% in 2025. Mine production reached approximately 3,672 tonnes and recycling increased 3%. The supply response was modest, but it was not absent.

Looking ahead requires room for reversals. The World Gold Council’s 1 July 2026 outlook describes gold moving above US$5,500 per troy ounce intraday in January before briefly falling below US$4,000 in late June. Its scenarios depend on rates, economic conditions and investor demand; they are not promised outcomes. Our reading: compare the price paid with the risks and ownership costs, as explained in the physical gold investment guide.