Majors

After a Turbulent Year, Here’s Where the Gold Price Is Now

MajorsAug 16, 2021

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.

20210816_Hi-June-Parker.jpg
Hi June Parker’s engravable ID bracelet with diamonds in 14-karat yellow gold ($750 for a 6-inch or 6.5-inch bracelet)
London—The past year-and-a-half has been, unsurprisingly, something of a roller-coaster ride for the price of gold.

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. 

 Related stories will be right here … 

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

Jemma Wynne Forme Toggle Necklace
CollectionsJul 25, 2025
Piece of the Week: Jemma Wynne’s ‘Forme’ Necklace

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

September Hong Kong jewelry show
Events & AwardsJul 25, 2025
Pre-Registration Open for September Hong Kong Show

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

Bulgari Celestial Mosaic spinel necklace
FinancialsJul 25, 2025
LVMH Sales Slip in H1 Amid ‘Prevailing Uncertainties’

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

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

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
Events & AwardsJul 24, 2025
2 Retailers to Receive 2026 Gem Award for Lifetime Achievement

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

Weekly QuizJul 25, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
De Beers marine mining vessel the SS Nujoma
SourcingJul 24, 2025
De Beers Sees Diamond Production Sink 36% in Q2

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

Francesca Villa Fantasia Collection The Crab Pendant, The Mermaid Pendant, Keep Dancing Seahorse Pendant, Keep Dancing Ladybug Pendant, Secret Dreams Pendant, The Puffer Fish Takes Flight Pendant
CollectionsJul 24, 2025
Francesca Villa Adds Dimension to Her Intaglio Characters

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

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

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

Breitling’s special Eagles Super Bowl watch on gold bracelet
WatchesJul 24, 2025
Breitling Drops Super Bowl Watch Honoring the Philadelphia Eagles

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.

Stock image of crime scene tape
CrimeJul 23, 2025
JSA Warns of Violent String of Smash-and-Grabs in California

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

Silvia Furmanovich Kasmir Collection Carnelian Bracelet and Sketch
CollectionsJul 23, 2025
Silvia Furmanovich’s ‘Kashmir’ Collection Is a Tribute to Northern India

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

Bench jeweler holding a bracelet and a tool
IndependentsJul 23, 2025
Montreal’s Ecksand Eyes Move to SoHo

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.

LAFD Fire Station 44 and Fire Station 16
IndependentsJul 23, 2025
IJO Raises Nearly $37K for LA Fire Relief

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

A Vanitas by Hannah Martin and Guy Berryman Sothebys
CollectionsJul 22, 2025
Jewelry With a Rock ‘n’ Roll Aesthetic Heads to Sotheby’s London

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

Cover of the book “Flawless: Inside the Largest Diamond Heist in History”
SourcingJul 22, 2025
Antwerp Diamond Heist Documentary Coming to Netflix

“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
ColumnistsJul 22, 2025
The Gifting Gap: How to Market Jewelry Beyond the Holidays

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

NY Now
Events & AwardsJul 22, 2025
NY Now’s Summer Market Returns in August

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

National Associate of Jewelry Appraisers Logo
Events & AwardsJul 21, 2025
NAJA’s 2025 ‘Ace It’ Conference To Go Virtual

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

Jacquie Aiche graduated turquoise beaded necklace
TrendsJul 21, 2025
Amanda’s Style File: Graduated With Honors

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

24th Gem Awards Show Logo
Events & AwardsJul 21, 2025
Gem Awards Now Accepting Nominations for 2026

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

CCWW Designs Multiple Shell Charm Necklace
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm Necklace

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

The Plumb Club board members
MajorsJul 18, 2025
Plumb Club Elects New Board Members

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

Jewelry industry veterans Brad Campbell and John Liebler
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team

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

Silver, Gold, and Bronze Medals for Italy Olympic Winter Games
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes Unity

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

vimeo screenshot.png
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up!

Sponsored by The INSTORE Jewelry Show 2025

Guinness
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGov

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

Gina Ferranti
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59

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

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy