After a Turbulent Year, Here’s Where the Gold Price Is Now
National Jeweler examines the average price of the metal in H1 and the U.S. market’s “considerable growth” in gold jewelry demand.

The precious metal started 2020 averaging $1,560.67 an ounce, according to Kitco, then rose until mid-March, when it fell to a low of $1,474.25 as governments worldwide began enacting stay-at-home orders because of COVID-19.
From there, the price of gold started climbing, rising every month until it passed the $2,000-per-ounce mark in August—its highest point in eight years.
It didn’t stay there long, dropping back down and finishing the year with a cumulative average of $1,769.64 an ounce.
This year hasn’t quite seen the peaks and dips experienced in 2020, but notable swings in 2021 include a high of $1,902.75 in June and a low of $1,683.95 in March, Kitco charts show.
According to Kitco, the gold price has averaged $1,803.57 per ounce so far this year.
The World Gold Council said the price of gold averaged $1,816.50 per ounce in the second quarter, only slightly higher than the first quarter and up 6 percent year-over-year.
Meanwhile, gold jewelry demand is working its way back up in some markets after being dealt a huge blow last year during the COVID-19 pandemic, WGC’s latest “Gold Demand Trends” report shows.
Global gold jewelry demand in Q2 was 60 percent higher year-over-year at 390.7 tons, but that’s compared with Q2 2020, when demand was “slashed” by the pandemic.
WGC noted the strong second quarter in 2021 was bolstered by global economic recovery and improving consumer sentiment.
While gold jewelry demand is improving, it still has a way to go before it reaches pre-pandemic levels, WGC added.
When compared with 2019, demand remains “significantly weaker”—second quarter demand is 26 percent lower than Q2 2019, and H1 demand is down 18 percent.
H1 demand of 873.7 tons was 17 percent lower than its 2015-2019 average in the six-month period, WGC reported.
On a positive note, the United States was one of the markets generating “considerable growth” in gold jewelry demand so far in 2021, proving to be more resilient this year.
The market’s gold jewelry demand in Q2 was $22.8 billion, taking H1 total spending to $50.7 billion, which is 18 percent higher than the 2015-2019 H1 average and the highest H1 total since 2014.
(WGC noted that continued travel restrictions and varying degrees of market lockdowns across the globe continue to disrupt data collection, so some markets “may be more susceptible than usual to future revisions once normal fieldwork can resume.”)
The WGC attributed Q2 demand for gold jewelry in the U.S. to the same factors that supported the market in Q1—improved consumer sentiment due to the vaccination program, federal income support measures, and economic growth.
U.S. consumers also remain somewhat limited in their ability to travel, thereby diverting disposable incomes to other areas, including gold jewelry.
China also has experienced strong demand for gold jewelry so far this year, with gold jewelry demand in the first half of the year the highest it’s been since 2015.
H1 jewelry demand was 338 tons, a 122 percent increase year-over-year and 6 percent increase over H1 2019, amid a strengthening Chinese economy and increasing disposable incomes.
Meanwhile, struggles in the Indian market—a huge player when it comes to gold jewelry—greatly impacted the overall numbers.
India was one of the hardest hit markets in 2020 and experienced a devastating second wave of COVID-19 in Q2 2021.
After starting the second quarter on a strong note, demand weakened toward the end of April before coming to a near-standstill in May, WGC said, as the second wave swept across India and resulted in regional lockdowns and fears of economic shutdown.
H1 gold jewelry demand in India totaled 157.6 tons, which is 46 percent below H1 2019 and 39 percent lower than the H1 average from 2015-2019.
WGC said it is optimistic about the rest of the year for the Chinese market but noted the outlook for the remainder of 2021 in India was “mixed,” especially with the possible threat of a third wave of COVID-19 and more lockdowns.
For the overall gold jewelry market, WGC said demand could be in the range of 1,600-1,800 tons for the year, which would be well above 2020 levels but below the five-year average.
It added that while another variant-driven COVID-19 wave would create challenges for the sector, it still believes that “a repeat of last year’s low jewelry demand levels [is] highly unlikely.”
The Latest

Anne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”

Jewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.

Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Mark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.


While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.

The “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.

JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.

The “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.

Creative Director Erica Bianchini shared why the jeweler is looking to expand into the U.S. and how it’s putting Canadian craftsmanship on the map.

Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.

Next week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.

“Stolen: Heist of the Century” is based on “Flawless,” the book about the middle-of-the-night theft, and will debut on Netflix in August.

Emmanuel Raheb shares the top five gifting moments outside of major holidays that jewelers should build marketing campaigns around.

The wholesale trade show’s Luxury Lifestyle section will showcase established and emerging jewelry designers.

The mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.

Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

The charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.

The organization elected its youngest vice president as it looks to draw in fresh talent.

Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.

The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.

Sponsored by The INSTORE Jewelry Show 2025

Globally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.

The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.