(October 2022) During 2021, the gold price increased from $1,770 to $1,800, marking 1.7% growth year-over-year. In October 2022, gold prices averaged $1,664/oz, 7 percent down compared to December 2021. The World Bank predicts the price of gold to decrease to $1,700/oz in 2023 from an average of $1,775/oz in 2022. In 2024, the gold price is expected to decrease to $1,650/oz.

In 2020-2021 the high level of uncertainty in the global economy due to the coronavirus outbreak fuelled demand for gold across the board. However, optimists hoping vaccinations would lead to an economic recovery were disappointed as inflation grew alongside uncertainty amplified by the war in Ukraine. All of these large-scale events increase both volatility and uncertainty in the markets, putting downward pressure on gold prices.



Price forecasts of other critical commodities: 

silver | copper | aluminum | nickel | zinc | coal | natural gas | crude oil

Last updated: 

Are you sure you want to delete this page?

Are you sure you want to delete this document?

Unable to delete the page because it has shortcuts referencing it at the following locations:

    Please delete these shortcuts first, then delete page itself.