ANNUAL PRICE OF GOLD – 2010 – 2020 – UPDATED
Table 5: Annual Price of Gold – 2010 – 2020
|Year||Price Per Ounce in US$||Annual % Change|
Data Sources: Macrotrends (2020); Goldprice.org. (2020); Compilation by Author
- Mining of the precious metal called gold is a lucrative business with operations spread across the various continents with the exception of Antarctica (Metals Focus & World Gold Council, 2020).
- In 2019, forty-three (43) countries produced 3,272.7 metric tonnes of gold. As noted in the previous submission, stability in the price of gold per ounce has been a major concern to some investment analysts in the global market in recent years.
- The inflation-adjusted price per ounce recorded for gold in recent years, 2010 through 2020, is shared in Table 5 and Figure 5. Data in the table and figure reflect closing prices. That is, the price of gold per ounce as at December 2010 through December 2019.
- However, the figure for 2020 (US$1,839.91) reflects the gold price per ounce as at 11th December, 2020. The price per ounce and performance of gold in 2020 are unequalled since 2010. Stated differently, the performance of gold in terms of price per ounce in 2020 is the highest since 2010. Annual closing price per ounce of gold for the various years outlined in Table 5 and Figure 5 affirm the foregoing statement.
We observe an approximate 20.45% increase in price of gold per ounce between 31st December, 2019 and 11th December, 2020. This exceeds the respective annual percentage increases recorded in 2019 (16.17%), 2017 (10.25%), 2012 (6.46%), 2011 (5.78%), and 2016 (5.54%).
- Data in the table and figure depict fluctuations in gold prices between periods, with stable and consistent price increases from 2010 through 2012; between 2016 and 2017; and between 2019 and the current financial year.
Indeed, A MIGHTY GHANAIAN “TREE” (Former President Flt. Lt. (Rtd.) Jerry John Rawlings) has fallen (Thursday, 12th November, 2020)
Ebenezer Ashley (PhD),
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