This is an Overview of Gold Price Increases in the Last 10 Years

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Adi Ahdiat 03/05/2023 19:30 WIB

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According to World Bank data, over the past 10 years, the average price of gold has grown by approximately 34%, from USD 1,487 per troy ounce (April 2013) to USD 1,999 per troy ounce (April 2023).

Average Monthly Gold Price* (April 2013-April 2023)

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This is an Overview of Gold Price Increases in the Last 10 Years

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Average Monthly Gold Price* (April 2013-April 2023)

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Gold is an investment asset whose value tends to increase in the long term.

This is evident from World Bank data. Over the past decade, the average gold price has grown by approximately 34%, from USD 1,487/troy ounce (April 2013) to USD 1,999/troy ounce (April 2023).

The World Bank obtained this data from the average price of 99.5% fine gold, the London Fix Afternoon Price, which is the global precious metal price standard published by the London Bullion Market Association (LBMA).

Although its value tends to increase, the price of gold is not immune to fluctuations.

In the last ten years, the price of gold reached its lowest point in December 2015, at USD 1,075/troy ounce.

This coincided with the historic action of the United States central bank raising its benchmark interest rate in December 2015, for the first time since 2009.

Last year, the price of gold also fell. During the period from April to October 2022, the price of gold steadily declined, immediately after the global economy was shaken by the Russian military invasion of Ukraine.

However, from November 2022 to April 2023, the trend of gold prices strengthened again, as seen in the graph above.

In its April 2023 edition of the Commodity Markets Outlook report, the World Bank projects that gold prices will improve this year.

"The price of gold is expected to average USD 1,900 per troy ounce in 2023, about 6% higher than in 2022," the World Bank said in its report.

According to the World Bank, the increase in gold prices this year is influenced by the weakening of the US dollar, high inflation rates, and the ongoing Russia-Ukraine war.

This condition is assumed to encourage investors to buy gold, an investment asset considered low-risk.

"In the long term, inflation rates and interest rates will be key factors influencing gold prices," said the World Bank.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."