Gold Price History · The Free-Float Era

2022

Reserves Weaponized

The freezing of Russia’s reserves after the invasion of Ukraine taught every central bank a lesson — and triggered record gold buying.

Average price
$1,801/oz
In 2025 dollars
$1,981/oz
Change on the year
+0.1%
After inflation
−7.3%

2022 in context · real value, 2002–2025

20102020 $1,981
Inflation-adjusted to 2025 dollars. See all 768 years →

2022 reshaped the demand side of the gold market. After Russia invaded Ukraine, the West froze roughly $300 billion of Russia's foreign-exchange reserves — a demonstration that dollar and euro reserves can be switched off at will. For central banks everywhere, the lesson was immediate: gold, held in your own vaults, cannot be frozen by a foreign government.

Official gold buying surged to a record pace, exceeding 1,000 tonnes in 2022 and again in 2023 — the fastest sustained accumulation in modern history. This structural, price-insensitive demand, traceable in our reserves database, helps explain why the modern bull has been so durable even with high interest rates. It set the stage for the records of 2024–2025.

Key events of 2022

  1. 2022-02-26

    Russian reserves frozen

    The West immobilizes ~$300bn of Russia’s FX reserves; gold’s sanction-proof appeal jumps.

  2. 2022-09-01

    Record central-bank buying

    Official purchases run toward 1,000+ tonnes for the year, a modern record.

What would $10,000 of gold in 2022 be worth today?

Run the numbers across gold, stocks, housing, and bonds — adjusted for inflation.

Calculate 2022 →

How gold did in 2022

Value at year-end of $10,000 invested on 1 January 2022.

Gold
$10,010 +0.1%
S&P 500 (total return)
$8,196 −18.0%
US housing
$11,552 +15.5%
Inflation (CPI)
$10,800 +8.0%

Annual-average basis. Gold: Officer & Williamson; S&P 500 & Treasuries: Damodaran (NYU); housing: Shiller; CPI: BLS. Methodology →

Related years

Sources. Gold price: Officer & Williamson, The Price of Gold, 1257–Present (annual average); inflation adjustment by US CPI (BLS / Officer & Williamson). Asset comparison from the calculator dataset. Figures are annual averages. Full methodology →