Iceland · ISK · May 2021
Gold Price in Iceland — May 2021
In May 2021, the gold price in Iceland closed at approximately kr247,464 per troy ounce, equivalent to kr92,801 per tola or kr7,956 per gram. This represents a +2.69% change on the month (kr240,986 open → kr247,464 close).
Open
kr240,986
per troy ounce
Close
kr247,464
per troy ounce
High
kr248,852
per troy ounce
Low
kr230,233
per troy ounce
All unit prices at May 2021 close — Iceland
| Unit | Weight | Closing ISK price |
|---|---|---|
| Troy ounce | 31.1035 g | kr247,464 |
| Gram | 1.0000 g | kr7,956 |
| 10 grams | 10 g | kr79,562 |
| Kilogram | 1,000 g | kr7,956,150 |
| Tola | 11.664 g | kr92,801 |
Karat-purity breakdown at May 2021 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KICELAND STD | kr7,948 | kr92,708 |
| 22K | kr7,288 | kr85,005 |
| 21K | kr6,962 | kr81,200 |
| 18K | kr5,967 | kr69,600 |
| 14K | kr4,654 | kr54,288 |
| 10K | kr3,318 | kr38,698 |
Daily gold price in ISK — May 2021
May 2021 gold market: Inflation fears drive gold to $1,900
BullishHot inflation data revived gold's inflation-hedge appeal.
Gold rallied strongly to around $1,900 in May after a much hotter-than-expected April US inflation report stoked fears that price pressures would prove persistent. A weaker dollar amplified the move.
What drove gold in May 2021
- hot April US CPI (released mid-May)
- weaker US dollar
- inflation-hedge demand
- Fed insisting inflation was 'transitory'
Key events in May 2021
- May 12Hot US CPI print stokes inflation fears; gold rallies
What happened next
The rally stalled abruptly in June when the Fed turned hawkish.
For gold buyers in Iceland
May was gold's best stretch of 2021 — proof the metal still rallied hard on inflation, until the Fed pushed back.
The 2021 gold market: Consolidation below 2020 highs
Gold traded mostly sideways in 2021 between $1,680 and $1,950 as the Fed signaled coming tightening. Cryptocurrency mania peaked in November. Inflation began running above target. Year close: $1,829.
Key drivers in 2021
Crypto-boom drawing capital, Fed taper announcement, inflation rising, equity rally
2021 XAU/USD high
$1,945 (Jun)
2021 XAU/USD low
$1,676 (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 — May 2021, Iceland
kr240,986
$1,850.26/oz
kr234,188
$1,798.07/oz
kr230,233
$1,767.70/oz
kr234,153
$1,797.80/oz
kr232,134
$1,782.30/oz
kr236,159
$1,813.20/oz
kr239,207
$1,836.60/oz
kr240,371
$1,845.54/oz
kr239,715
$1,840.50/oz
kr238,230
$1,829.10/oz
kr238,438
$1,830.70/oz
kr237,279
$1,821.80/oz
kr239,402
$1,838.10/oz
kr243,365
$1,868.53/oz
kr241,434
$1,853.70/oz
kr243,140
$1,866.80/oz
kr245,966
$1,888.50/oz
kr244,638
$1,878.30/oz
kr244,325
$1,875.90/oz
kr245,780
$1,887.07/oz
kr244,885
$1,880.20/oz
kr245,771
$1,887.00/oz
kr247,438
$1,899.80/oz
kr246,357
$1,891.50/oz
kr247,464
$1,900.00/oz
kr248,852
$1,910.66/oz
kr247,464
$1,900.00/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 2021 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 May 2021 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 May 2021
What was the gold price in Iceland in May 2021?
In May 2021, gold in Iceland opened at kr240,986/oz and closed at kr247,464/oz — a move of +2.69% on the month. Per tola: ≈kr92,801; per gram: ≈kr7,956; per 10g: ≈kr79,562.
What was the 24K gold rate per tola in Iceland in May 2021?
The 24K gold rate per tola in Iceland at the May 2021 close was approximately kr92,801, derived from international XAU/USD spot of $1,900.00/oz times the 2021-end ISK/USD exchange rate of 130.2443. 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 May 2021?
Iceland's most-quoted retail standard is 24K per gram. At the May 2021 close, that worked out to approximately kr7,948 (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 May 2021 (sourced from gold-api.com), multiplied by the 2021-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 2021-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 2021 archive or the USD-only May 2021 page with the country-by-country list at the bottom.
Other markets? Compare May 2021 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 2021-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.