Skip to main content

2022 Gold Price Higher for Most of the World

gold-163519_1280

Through the Nov. 8 COMEX close, the price of gold year-to-date in 2022 was down 6.1 percent.

While that may sound like owning gold wasn’t so wonderful thus far this year, most of the world’s population would disagree.

Yes, the U.S. dollar, Brazil real, Russia ruble and Mexico peso, currencies spent in populous nations, have appreciated against gold year-to-date in 2022, the overwhelming majority of the world’s population live in countries where gold has appreciated against the local currency.

People who live in China, India, Indonesia, Pakistan, Nigeria, Bangladesh, Japan, Ethiopia, Philippines, Egypt, Vietnam, Turkey, plus the 27 nations that use the euro currency, along with Great Britain, have all seen their currencies decline against gold this year.

Here is how 46 currencies have performed through Nov. 8 this year against gold:

2022 Gold Price Higher for Most of the World

By Patrick A. Heller

CurrencyPerformance versus Gold December 31, 2021 through November 8, 2022

Russia Ruble

+30.6%

Brazil Real

+15.3%

Mexico Peso

+11.7%

Costa Rica Colon

+11.6% 

Peru New Sol

+9.0% 

Bolivia Boliviano

+7.9%

Jamaica Dollar

+7.9%

US Dollar

+6.1% 

Hong Kong Dollar

+5.8% 

Singapore Dollar

+2.7%

Canada Dollar

+0.3%

Chile Peso

+0.1%

Fiji Dollar

-0.5% 

Nigeria Naira

-0.5% 

Kenya Shilling

-1.0%

Ethiopia Birr

-1.1%

Switzerland Franc

-1.4% 

India Rupee

-2.5%

Vietnam Dong

-2.5%

Taiwan Dollar

-2.7% 

Indonesia Rupiah

-3.4% 

Romania Leu

-4.2% 

South Africa Rand

-4.2% 

Thailand Baht

-4.3% 

Iceland Kronur

-4.5% 

Australia Dollar

-4.6%

Denmark Krone

-5.7%

Euro

-5.7% 

Malaysia Ringgit

-6.3% 

Israel Shekel

-6.3% 

Philippines Peso

-6.5%

China Yuan

-6.6%

Poland Zloty

-7.1% 

New Zealand Dollar

-7.3%

South Korea Won

-7.9%

Great Britain Pound

-9.1%

Morocco Dirham

-9.4% 

Bangladesh Taka

-10.0%

Sweden Krona

-10.4%

Colombia Peso

-13.0% 

Hungary Forint

-13.1%

Pakistan Rupee

-14.4%

Japan Yen

-15.9%

Turkey Lira

-23.5%

Argentina Peso

-30.9%

Egypt Pound

-31.3%

While the U.S. dollar is still used to price and pay for about 60 percent of international transactions around the globe, most people living in other countries conduct their financial lives in their local currencies. Those who own some physical gold – among the billions of people who live in countries where their domestic currencies have fallen in value even more than the U.S. dollar spot price of gold – are happy that they do.

Patrick A. Heller was honored as a 2019 FUN Numismatic Ambassador. He is also the recipient of the American Numismatic Association 2018 Glenn Smedley Memorial Service Award, 2017 Exemplary Service Award, 2012 Harry Forman National Dealer of the Year Award and 2008 Presidential Award. Over the years, he has also been honored by the Numismatic Literary Guild (including twice in 2020), Professional Numismatists Guild, Industry Council for Tangible Assets and the Michigan State Numismatic Society. He is the communications officer of Liberty Coin Service in Lansing, Mich., and writes Liberty’s Outlook, a monthly newsletter on rare coins and precious metals subjects. Past newsletter issues can be viewed at www.libertycoinservice.com. Some of his radio commentaries titled “Things You ‘Know’ That Just Aren’t So, And Important News You Need To Know” can be heard at 8:45 a.m. Wednesday and Friday mornings on 1320-AM WILS in Lansing (which streams live and becomes part of the audio archives posted at www.1320wils.com).