SurveysOct 29, 2021
WGC: US Gold Jewelry Demand Rose 12% in Q3MajorsFeb 28, 2022
Why the Price of Gold Topped $1,900 Last Week
It fell quickly following the spike but is still likely to remain high in the coming months, analysts said.
The gold price topped $1,900 per ounce last week just prior to Russia invading Ukraine. Pictured is Misahara’s “Gilded” cuff with 18-karat gold and diamonds ($3,900).
New York—The gold price soared above $1,900 per ounce last week as the conflict between Russia and Ukraine escalated before declining again after the U.S.’s expanded sanctions in the wake of the Russian invasion.
The price of the precious metal already was high, even before political tensions sent it soaring for a short time.
After ending 2021 with an average price of $1,786.65 per ounce in December, the price of gold averaged $1,816.76 per ounce in January, according to Kitco.
It began a steady rise around the second week of February, climbing from an average of $1,813.55 per ounce on Feb. 7 to $1,893.60 per ounce by Feb. 18.
Last week, as tensions rose between Russia and Ukraine, it climbed even higher, passing the $1,900-per-ounce mark on Tuesday, averaging $1,900.10 that day and ticking up to an $1,904.70 average on Wednesday.
On Thursday, the gold price was at about $1,955 per ounce when the market opened, but news of Russia’s invasion of Ukraine seemed to have a quick effect—the price dropped steadily throughout the day, Kitco charts show, bottoming out at around $1,880 right around the time President Joe Biden and the U.S. Department of the Treasury announced expanded sanctions against Russia.
Gold averaged $1,884.80 per ounce on Friday.
Related stories will be right here …
The price of the precious metal already was high, even before political tensions sent it soaring for a short time.
After ending 2021 with an average price of $1,786.65 per ounce in December, the price of gold averaged $1,816.76 per ounce in January, according to Kitco.
It began a steady rise around the second week of February, climbing from an average of $1,813.55 per ounce on Feb. 7 to $1,893.60 per ounce by Feb. 18.
Last week, as tensions rose between Russia and Ukraine, it climbed even higher, passing the $1,900-per-ounce mark on Tuesday, averaging $1,900.10 that day and ticking up to an $1,904.70 average on Wednesday.
On Thursday, the gold price was at about $1,955 per ounce when the market opened, but news of Russia’s invasion of Ukraine seemed to have a quick effect—the price dropped steadily throughout the day, Kitco charts show, bottoming out at around $1,880 right around the time President Joe Biden and the U.S. Department of the Treasury announced expanded sanctions against Russia.
Gold averaged $1,884.80 per ounce on Friday.
The last time the gold price was above $1,900 was last June, Kitco historic charts show.
“As you might expect, the key reason for the price spike is Russia’s invasion of Ukraine, which has led to a jump in safe-haven demand. Even before this, the gold price was benefiting because of rising inflation and concerns that, after the expected increase of U.S. interest rates in March, the Fed may then not raise rates as much as the market believes they will,” said Philip Newman, managing director at Metals Focus.
Newman added that though the gold price tends to spike during significant geo-political events and then fall after said event continues, in this case, gold should remain “well supported” in the coming months due to “underlying economic issues.”
Along those lines, some analysts are predicting that it’s only a matter of time before the price passes the $2,000-per-ounce threshold once again.
The last time it surpassed that mark was in August 2020, when the gold price reached its highest point in eight years.
The silver price has also been on the rise; it averaged $23.13 in January, but rose to a high of $25.32 per ounce in February. It closed Friday at an average of $24.21.
The platinum price has also been on a steady incline, passing the $1,000-per-ounce mark in mid-January. It ended last week at an average of $1,101.
Palladium, meanwhile, hit a 6-month high after Russia’s invasion, peaking at an average of $2,680 per ounce on Thursday.
More on Majors
The Latest
ColumnistsJan 07, 2026
Peter Smith: Physical Retail—The Beginning or the End?As the shopping mall model evolves and online retail grows, Smith shares his predictions for the future of physical stores.
Events & AwardsJan 07, 2026
Melee Adds 13 New Designers to NYC ShowThe trade show is slated for Jan. 31-Feb. 2 at The Lighthouse in New York City's Chelsea neighborhood.
TrendsJan 07, 2026
Amanda’s Style File: Go for GarnetJanuary’s birthstone comes in a rainbow of colors, from the traditional red to orange, purple, and green.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
SourcingJan 07, 2026
Diamonds Do Good Releases 2025 Impact ReportThe annual report highlights how it supported communities in areas where natural diamonds are mined, crafted, and sold.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeJan 06, 2026
2 Jewelers Arrested After TraxNYC Diamond District BrawlFootage of a fight breaking out in the NYC Diamond District was viewed millions of times on Instagram and Facebook.
MajorsJan 06, 2026
LeachGarner Appoints New Director of SalesLinda Coutu is rejoining the precious metals provider as its director of sales.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
SourcingJan 06, 2026
AGA Announces 2026 BoardThe governing board welcomed two new members, Claire Scragg and Susan Eisen.
TrendsJan 05, 2026
Amanda’s Style File: New Year’s EditionSparkle with festive diamond jewelry as we celebrate the beginning of 2026.
IndependentsJan 05, 2026
Jeweler Ben Nighthorse Campbell Dies at 92The master jeweler, Olympian, former senator, and Korean War veteran founded the brand Nighthorse Jewelry.
TrendsJan 05, 2026
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
SourcingJan 02, 2026
IDCA Elects New President, Board of DirectorsShekhar Shah of Real Gems Inc. will serve as president of the Indian Diamond & Colorstone Association in 2026.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
SourcingDec 30, 2025
India Chosen as KP Chair for 2026It marks the third time the country has headed the Kimberley Process. Ghana will serve as vice chair.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Tanishq Opens New Stores in Florida, VirginiaThe retailer is expanding into areas with large Indian and South Asian populations.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
