Gold is traded internationally in US dollars. However, the decisive factor when buying and selling precious metal in different regions of the world is the price of gold converted into the corresponding national currency. The corresponding price dynamics also shows how much a currency has strengthened or depreciated in relation to gold.
Last year, the price of gold in the FOREX trading closed at $ 1829 per troy ounce, which corresponds to 1608 euros. Thus, in dollar terms, the price of gold was 3.6% lower than at the end of 2020. However, in euros, the price of gold showed almost plus 3.5%. At the end of 2020, the cost of the precious metal in euros amounted to 1,554 euros per ounce.
How does gold behave in other countries and currencies? In a highly volatile currency country like Venezuela, calculating gold pricing is a real challenge. Especially when you consider that during the last transition to the "digital bolivar" in October 2021, six zeros were again removed from the nominal currency. Thus, the evolution of the gold price, taking into account the numerous currency cuts in recent years, is also difficult to track in real terms.
Important note: the official annual inflation rate in Venezuela in November last year was 1197%. This means that inflation remains extremely high, but has dropped by as much as two-thirds since early 2021. Below is a list of countries and the change in the price of gold in their national currencies at the end of 2021:
Turkey: + 68%
Argentina: + 15%
Japan: + 6.6%
South Korea: + 4.8%
Sweden: + 4.7%
Poland: + 3.7%
Eurozone: + 3.5%
Australia: +1.5%
Czech Republic: -2.2%
India: -2.6%
Switzerland: -2.6%
Great Britain: -3%
Russia: -3.6%
USA: -3.6%
China: -6.8%