The price of gold began to rise slowly in the 2000s, and by 2002, it began to rise as expected. The cost of gold has continued growing over the past two decades. It has increased by a significant percentage between 2000 and 2021.
From 2001 to 2012
The price of gold increased steadily from 2001 to 2005 and then from 2006, it began rising at a higher rate. It peaked for the first time in January 2009 during the subprime crisis. In 2008, during the world’s worst economic situation of the twenty-first century, the price of gold surged. Savers worldwide were looking for a safe way to shelter their money, and gold, as always, was reassuring.
The price of gold was the highest in August 2012, was only surpassed in February 2020. Gold prices were as follows in the following years:
In 2001 -$271.04 troy per ounce
In 2002 – $309.73 troy per ounce
In 2003- $363.38 troy per ounce
In 2004- $409.72 troy per ounce
In 2005- $444.74 troy per ounce
In 2006- $603.46 troy per ounce
In 2007- $695.39 troy per ounce
In 2008 – $871.96 troy per ounce
In 2009- $972.35 troy per ounce
In 2010- $1224.53 troy per ounce
In 2011- $1571.52 troy per ounce
In 2012- $1668.98 troy per ounce
From 2012 to 2018
The scenario had suddenly changed. The price of gold had dropped by approximately 30%, from $1668.98 in 2012 to $1160.06 in 2015. It then started rising slowly and rose to $1268.49 in 2018. However, the reduction in prices that occurred at this time was not only confined to gold. Other precious metals, such as silver and platinum, and industrial metals, copper, tin, and nickel, followed the same pattern.
This dip in prices was due to the decrease in gold trackers from investors and the debt of few European countries, which was partly paid by selling off their gold. Gold prices were as follows in the following years:
In 2013- $1411.23 troy per ounce
In 2014- $1266.4 troy per ounce
In 2015- $1160.06 troy per ounce
In 2016- $1250.74 troy per ounce
In 2017- $1257.12 troy per ounce
In 2018- $1268.49 troy per ounce
From 2018 to 2021
Several countries’ central banks took advantage of this in the first few months of 2018 to boost their gold stocks. For the first half of 2018, according to the World Gold Council’s report, national institutions received more than 190 tonnes of gold. The majority of those countries wished to reduce their reliance on the United States.
In 2018, the prices were at an all-time low, while stock markets were closing at all-time highs. Gold prices then skyrocketed between January and August of 2019. Over seven months, the price of gold increased by 30%, matching and breaking the previous high set in 2012. Gold prices were as follows in the following years:
In 2019- $1392.6 troy per ounce
In 2020- $1769.64 troy per ounce
In 2021- $1724.40 troy per ounce