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2022 Gold Price Higher for Most of the World


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


Brazil Real


Mexico Peso


Costa Rica Colon


Peru New Sol


Bolivia Boliviano


Jamaica Dollar


US Dollar


Hong Kong Dollar


Singapore Dollar


Canada Dollar


Chile Peso


Fiji Dollar


Nigeria Naira


Kenya Shilling


Ethiopia Birr


Switzerland Franc


India Rupee


Vietnam Dong


Taiwan Dollar


Indonesia Rupiah


Romania Leu


South Africa Rand


Thailand Baht


Iceland Kronur


Australia Dollar


Denmark Krone




Malaysia Ringgit


Israel Shekel


Philippines Peso


China Yuan


Poland Zloty


New Zealand Dollar


South Korea Won


Great Britain Pound


Morocco Dirham


Bangladesh Taka


Sweden Krona


Colombia Peso


Hungary Forint


Pakistan Rupee


Japan Yen


Turkey Lira


Argentina Peso


Egypt Pound


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 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