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
CrimeApr 21, 2026
Customs Nabs 1,500 Pieces of Counterfeit Jewelry Bound for NYCSeized in Kentucky, the packages include fake Cartier, Tiffany & Co., Chanel, and Fendi jewelry.
CrimeApr 20, 2026
Queens Man Convicted in Bludgeoning Death of Pawn Shop OwnerRodolfo Lopez-Portillo faces 25 years to life in prison after being found guilty in the March 2022 beating death of Arasb Shoughi.
TrendsApr 20, 2026
Beth Bernstein, Sonia Esther Soltani Pen New Jewelry Book“Jewelry Creators: Dynamic Duos and Generational Gems” highlights the relationships among 22 influential designers, brands, and gem dealers.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Events & AwardsApr 20, 2026
Atlanta Jewelry Show’s Spring Event Is Hitting the RoadThe AJS Spring 2027 show will be held in Savannah, Georgia, with future shows taking place in other Southeast cities.
Weekly QuizApr 16, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsApr 17, 2026
New (Groundbreaking) Floral Jewelry for Spring 2026Flower motifs are the jewelry trend blooming amongst the new collections that debuted this spring.
CollectionsApr 17, 2026
Edina Kiss’ Earrings Are the Devil on Your ShoulderThe “Devil” drop earrings, our Piece of the Week, are part of designer Edina Kiss’ new namesake jewelry line that she will show at Couture.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeApr 17, 2026
FBI Issues Warning to Refineries, Retailers Due to High Price of GoldThe alert states that burglary crews are targeting jewelry businesses and details how jewelers and refineries can protect themselves.
WatchesApr 16, 2026
Cartier Brings Back the RoadsterThe “watchmaker of shapes” debuted the reworked version of the vintage sports car-inspired timepiece at Watches & Wonders.
IndependentsApr 16, 2026
Edge Retail Academy Updates Leadership TeamAs demand for jewelry retail coaching grows, the company has established a dedicated business coaching leadership team.
MajorsApr 16, 2026
Stuller’s Latest Mountings Catalog Is Out NowThe “Mountings 2026-2027” catalog showcases Stuller’s largest and most diverse assortment to date with more than 400 new mounting styles.
PodcastsApr 15, 2026
Episode 4: The Natural Diamond DilemmaSally Morrison and Mark Klein discuss De Beers’ first beacon in 16 years and the mistake the industry made with lab-grown diamonds.
MajorsApr 15, 2026
Spark Creations’ Randy McKenzie Dies at 72 McKenzie spent 45 years with Spark Creations and is remembered for being kind, dedicated, and hardworking.
WatchesApr 15, 2026
These Are the New Rolex Watches for 2026Rolex focused exclusively on the Oyster Perpetual this year, as the model is celebrating its 100th anniversary.
FinancialsApr 15, 2026
Kering’s Jewelry Shines in Q1, Gucci’s Struggle ContinuesThe luxury giant discussed the Middle East conflict and its transformation plans, hinting at a stronger jewelry presence in North America.
SourcingApr 15, 2026
Diamond Club West Coast Names 2026 BoardKalpesh Jhaveri was re-elected as president for a third year.
TechnologyApr 15, 2026
This Jewelry Brand’s Video Series Is Up for a Webby Award“Diamond Divas,” a social media reality series by Shahla Karimi Jewelry, is nominated in the “Best Social: Fashion & Beauty” category.
SourcingApr 14, 2026
De Beers Expands ‘Desert Diamonds’ Beacon Into BridalThe campaign seeks to reignite desire for natural diamond engagement rings by highlighting the “distinct character” of warm-toned diamonds.
FinancialsApr 14, 2026
LVMH’s Q1 Sales Sink 6% Amid Middle East ConflictPlus, how Saks Global’s bankruptcy affected the luxury giant’s first quarter.
SourcingApr 14, 2026
International Jade Summit to Return to MontereyPresented by Mason-Kay Jade, the summit, in its second year, will again be held during the Monterey Bay Jade Festival.
Events & AwardsApr 14, 2026
CBG Releases Details for Las Vegas ShowThe group has announced its lineup of speakers and a new “Rising Stars” pavilion.
CollectionsApr 13, 2026
Uniform Object’s New Jewelry Collection Centers on the ‘Carbon Form’The “Carbon Form” collection explores the contrast between high and low materials, using rubber cord alongside 18-karat gold and gemstones.
Events & AwardsApr 13, 2026
JA Accepting 2026 Impact Initiative ApplicationsThe program provides essential funding to organizations for projects that enhance the jewelry industry.
Events & AwardsApr 13, 2026
Couture Announces New Show in MiamiThe jewelry trade show is launching its first open-to-the-public event in Coconut Grove this November.
CrimeApr 13, 2026
JSA Offers Reward in Oregon Jewelry Store Armed RobberyJSA is seeking information about the gunpoint robbery of a Kay Jewelers location in Oregon’s Washington Square Mall.
WatchesApr 10, 2026
These Watches Have Increased in Value the Most Since 2018, Says Chrono24The top-performing watch models may be surprising, with Rolex and several popular pandemic-era picks notably absent from the top 20.
