Iceland · ISK · September 2020
Gold Price in Iceland — September 2020
In September 2020, the gold price in Iceland closed at approximately kr239,964 per troy ounce, equivalent to kr89,988 per tola or kr7,715 per gram. This represents a -4.33% change on the month (kr250,838 open → kr239,964 close).
Open
kr250,838
per troy ounce
Close
kr239,964
per troy ounce
High
kr250,838
per troy ounce
Low
kr236,505
per troy ounce
All unit prices at September 2020 close — Iceland
| Unit | Weight | Closing ISK price |
|---|---|---|
| Troy ounce | 31.1035 g | kr239,964 |
| Gram | 1.0000 g | kr7,715 |
| 10 grams | 10 g | kr77,150 |
| Kilogram | 1,000 g | kr7,715,024 |
| Tola | 11.664 g | kr89,988 |
Karat-purity breakdown at September 2020 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KICELAND STD | kr7,707 | kr89,898 |
| 22K | kr7,067 | kr82,429 |
| 21K | kr6,751 | kr78,740 |
| 18K | kr5,786 | kr67,491 |
| 14K | kr4,513 | kr52,643 |
| 10K | kr3,217 | kr37,525 |
Daily gold price in ISK — September 2020
September 2020 gold market: Correction as the dollar bounces
BearishAn orderly post-record pullback on a dollar bounce.
Gold spent September digesting its record run, slipping toward $1,880 as the dollar staged a recovery and risk appetite wobbled. The pullback was orderly — a consolidation of 2020's enormous gains rather than a trend reversal.
What drove gold in September 2020
- US dollar rebound
- stalled stimulus negotiations
- profit-taking
- rising real yields off the lows
Key events in September 2020
- Sep 23Gold dips toward $1,880 as the dollar firms
What happened next
September's pullback gave way to two months of range-trading before the vaccine shock in November.
For gold buyers in Iceland
September's orderly pullback offered re-entry for buyers who missed the summer surge, without signalling the bull market was over.
The 2020 gold market: COVID crash, recovery, and the all-time high above $2,000
March 2020 saw a brief gold sell-off during COVID liquidity panic (-12% in 2 weeks) before the metal rocketed to an all-time high of $2,075 in August. Year close: $1,898 — gold's best year since 2010.
Key drivers in 2020
COVID pandemic, unlimited Fed QE, fiscal stimulus, negative real rates, USD weakness
2020 XAU/USD high
$2,075 (Aug)
2020 XAU/USD low
$1,452 (Mar)
Era context — The modern bull market (2019 to today)
Gold's second major bull market of the 21st century. Driven by COVID stimulus, Russia sanctions, central-bank accumulation at record levels, and the structural shift toward a multi-polar reserve system. New all-time highs reached repeatedly since 2020.
The Iceland gold market
Iceland retail gold prices are quoted in the local currency per gram for 24K and 22K purities, and per troy ounce for investment-grade bullion. Local rates usually sit above the international XAU/USD spot price after import duties, sales taxes, and jewellery making charges are applied. Use this archive as the international reference price; final retail rates depend on your dealer and the date's exchange rate.
Standard quote unit
gram
Common purity
24K
Currency
ISK (kr)
Daily gold price — September 2020, Iceland
kr250,838
$1,972.40/oz
kr247,620
$1,947.10/oz
kr246,781
$1,940.50/oz
kr244,975
$1,926.30/oz
kr246,905
$1,941.48/oz
kr245,255
$1,928.50/oz
kr243,029
$1,911.00/oz
kr247,633
$1,947.20/oz
kr250,062
$1,966.30/oz
kr247,658
$1,947.40/oz
kr249,583
$1,962.54/oz
kr249,095
$1,958.70/oz
kr247,913
$1,949.40/oz
kr249,490
$1,961.80/oz
kr246,247
$1,936.30/oz
kr248,103
$1,950.90/oz
kr248,704
$1,955.62/oz
kr242,826
$1,909.40/oz
kr242,393
$1,906.00/oz
kr238,247
$1,873.40/oz
kr236,772
$1,861.80/oz
kr236,505
$1,859.70/oz
kr239,481
$1,883.10/oz
kr237,090
$1,864.30/oz
kr239,595
$1,884.00/oz
kr239,964
$1,886.90/oz
How Iceland gold prices are calculated on this page
Source. The international XAU/USD spot price comes from gold-api.com's historical archive (London PM-fix benchmark). The ISK/USD exchange rate comes from exchangerate-api.com's 2020 year-end snapshot.
Conversion. Every ISK figure on this page is computed as XAU/USD price × ISK/USD rate. We use the year-end exchange rate consistently across all September 2020 prices on this page.
Per-unit math. Per-gram = per-ounce ÷ 31.1035. Per-tola = per-gram × 11.664. Per-10g = per-gram × 10. Per-kilo = per-gram × 1000. Karat values multiply per-gram by the purity ratio (24K = 0.999, 22K = 0.916, 21K = 0.875, 18K = 0.750, 14K = 0.585, 10K = 0.417).
What this page does NOT include. Local sales tax / VAT, customs duty on imports, dealer making charges, jewellery design premiums, or coin numismatic premiums. To go from this pure-metal value to a final retail rate in Iceland, add the country-specific levies described in the “Icelandgold market” section above.
FAQ — Iceland gold price in September 2020
What was the gold price in Iceland in September 2020?
In September 2020, gold in Iceland opened at kr250,838/oz and closed at kr239,964/oz — a move of -4.33% on the month. Per tola: ≈kr89,988; per gram: ≈kr7,715; per 10g: ≈kr77,150.
What was the 24K gold rate per tola in Iceland in September 2020?
The 24K gold rate per tola in Iceland at the September 2020 close was approximately kr89,988, derived from international XAU/USD spot of $1,886.90/oz times the 2020-end ISK/USD exchange rate of 127.1738. This is pure metal value; final retail rates include local taxes and dealer making charges.
What was the 24K gold rate per gram in Iceland in September 2020?
Iceland's most-quoted retail standard is 24K per gram. At the September 2020 close, that worked out to approximately kr7,707 (24K pure-metal value). Add local taxes and making charges for the final retail rate.
How was the local currency price calculated?
ISK prices on this page are computed from the verified international XAU/USD spot price for September 2020 (sourced from gold-api.com), multiplied by the 2020-end ISK/USD exchange rate from exchangerate-api.com. We use year-end rates as a single reference point for the entire month — for most stable currencies the within-year FX drift is small, but during currency crises (PKR 2022–23, TRY 2022, ARS 2024 etc.) the actual mid-month rate may differ.
Why does the retail price in shops differ from this number?
The kr figures here represent the international gold spot price converted to ISK at the 2020-end exchange rate. Iceland's retail jewellers add (1) import duties and sales tax (varies by SKU and karat), (2) dealer making charges (typically 3–12% of metal value), and (3) a small premium for purity certification on bars. Always verify the exact day's retail rate with a reputable local dealer before transacting.
Want today's rate in Iceland? See live gold prices in Iceland with minute-by-minute updates and per-karat breakdowns.
Different month or year? Use the prev / next buttons above, or jump to the full 2020 archive or the USD-only September 2020 page with the country-by-country list at the bottom.
Other markets? Compare September 2020 prices across other major gold-trading countries: Norway, Sweden, Denmark, Eurozone, United Kingdom, Canada.
Disclaimer: Historical gold prices on this page reflect the international XAU/USD spot price for the requested period, converted to ISK at the 2020-end exchange rate. They are intended for informational and educational use only and do not constitute investment advice or a price quote for buying or selling physical gold today. Always verify current local rates with a reputable bullion dealer in Iceland before transacting.