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.
Editors' Picks
Sponsored by
More on Majors
The Latest
SourcingOct 02, 2026
De Beers, National Geographic Society Renew Okavango Eternal Partnership The partnership, a pledge to protect Africa’s Okavango River Basin, has been extended for an additional five years.
TrendsOct 02, 2026
Hearts On Fire Celebrates 30th Anniversary With Heart PendantThe special-edition “Dream” pendant, our Piece of the Week, was created to mark Hearts On Fire’s 30-year milestone with 30 diamonds.
CrimeOct 01, 2026
Police Looking for 4 Suspects in $600K Smash-and-Grab RobberyDubai Jewelers in Springfield, Virginia, was once again the target of an armed robbery.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
SurveysOct 01, 2026
Rolex Ranks Among Most Recommended Brands in US, Survey Says YouGov’s 2026 U.S. Most Recommended Brands report’s out, and a fast-fashion giant is sitting at No. 1 while Rolex is just shy of the top 5.
Weekly QuizOct 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingOct 01, 2026
Columbia Gem House Opens ‘Cutting Toward Change’ FundraiserProceeds from its jewelry raffle will benefit an organization working in India to combat silicosis, a lung disease affecting stone cutters.
TrendsOct 01, 2026
Carolina Hurricanes’ Championship Ring Reveals Hidden Hockey Puck PendantThe rings, crafted by Jason of Beverly Hills, celebrate the hockey team’s Stanley Cup win with design elements that honor its traditions.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
TrendsOct 01, 2026
Amanda’s Style File: October’s Color Range This roundup of birthstone jewelry for October features vibrant tourmalines and opals with personality.
SourcingSep 30, 2026
Botswana’s President, De Beers CEO Say Diamond Demand Is RecoveringPresident Duma Boko spoke at back-to-back events in the city last week, touting Botswana’s stability and the diamond “bounceback.”
CollectionsSep 30, 2026
Oscar Heyman’s Holiday Book Is ‘A Living Archive’ The catalog showcases 112 new, one-of-a-kind pieces amid highlights from the jeweler’s historic archive.
SourcingSep 30, 2026
Gemfields Posts $98.5M Loss, Writes Down Value of Ruby MineIts Montepuez Ruby Mining operation in Mozambique, which is not yielding enough high-quality rubies, has taken a $125 million hit.
SurveysSep 30, 2026
Consumer Confidence Falls to 12-Year Low in SeptemberThose surveyed were worried about the present and the future, with write-in responses mentioning high oil and gas prices.
Events & AwardsSep 30, 2026
Jewelers of America, JA New York to Host Networking EventThe event will take place on the evening of Oct. 26 in New York City.
IndependentsSep 29, 2026
Christy Bromberg, Longtime Gift Buyer for Underwood Jewelers, Dies at 68She is remembered for her joie de vivre, upbeat personality, genuine interest in other people, and love of the Alabama Crimson Tide.
AuctionsSep 29, 2026
Dionne Warwick’s Jewelry Goes Up for AuctionOnline bidding is open now for Julien’s sale of items owned by the “Walk On By” singer, whose final album comes out this fall.
Events & AwardsSep 29, 2026
Matt Stuller to Receive 2027 Gem Award for Lifetime AchievementThe founder and executive chairman of Stuller Inc. is being honored for his impact on the jewelry industry at the 25th annual Gem Awards.
ColumnistsSep 29, 2026
Your Holiday Marketing Has a Bridal Blind SpotDecember is the most popular month to propose, and jewelers need to keep that in mind when planning their holiday marketing.
AuctionsSep 29, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s collection of cat jewelry and other objects is going up for auction Wednesday.
CollectionsSep 28, 2026
De Beers London Drops Water-Inspired High Jewelry Collection“Vibrations” features several firsts for De Beers’ high jewelry, including the use of chalcedony and diamonds sourced from artisanal miners.
CollectionsSep 28, 2026
Jessica McCormack Turns to Classic Motif for New CollectionThe “Bows” collection features three interpretations of the bow motif designed with Georgian and Victorian influences.
Events & AwardsSep 28, 2026
Guy Borenstein, Troy Underwood Among the Professionals Honored at AGS Conclave 2026The American Gem Society recognized industry members, one Guild, and a law enforcement official for their contributions to jewelry.
FinancialsSep 28, 2026
Instappraise, Jewelers Mutual Look to Simplify Jewelry InsuranceThrough a new system integration, customers can now receive instant personal jewelry insurance quotes at the time of appraisal.
WatchesSep 25, 2026
Smaller Rolex Watches Showing Strength on Secondary Market, Data ShowsFive of the 10 fastest-appreciating Rolex models on Bob’s Watches were Datejust 31 or Lady Datejust watches.
Lab-GrownSep 25, 2026
Brilliant Earth Collabs with Elizabeth Taylor Estate on Jewelry Collection“The Elizabeth Taylor Collection” uses lab-grown diamonds and gemstones in contemporary designs inspired by the icon.
TrendsSep 25, 2026
A Peek at Taylor Swift’s Game-Day DiamondsThe artist wore Dana Rebecca Designs’ marquise diamond-set gold hoops at the Chiefs game last Sunday. Now they’re our Piece of the Week.
CrimeSep 24, 2026
From Conclave: Security Measures Jewelers Should Be TakingJSA and Jewelers Mutual shared advice on spotting suspicious behavior, combatting cell phone jammers, and staying safe at home.
