Iceland · ISK · July 2022
Gold Price in Iceland — July 2022
In July 2022, the gold price in Iceland closed at approximately kr252,049 per troy ounce, equivalent to kr94,520 per tola or kr8,104 per gram. This represents a -1.23% change on the month (kr255,189 open → kr252,049 close).
Open
kr255,189
per troy ounce
Close
kr252,049
per troy ounce
High
kr257,585
per troy ounce
Low
kr241,446
per troy ounce
All unit prices at July 2022 close — Iceland
| Unit | Weight | Closing ISK price |
|---|---|---|
| Troy ounce | 31.1035 g | kr252,049 |
| Gram | 1.0000 g | kr8,104 |
| 10 grams | 10 g | kr81,035 |
| Kilogram | 1,000 g | kr8,103,548 |
| Tola | 11.664 g | kr94,520 |
Karat-purity breakdown at July 2022 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KICELAND STD | kr8,095 | kr94,425 |
| 22K | kr7,423 | kr86,580 |
| 21K | kr7,091 | kr82,705 |
| 18K | kr6,078 | kr70,890 |
| 14K | kr4,741 | kr55,294 |
| 10K | kr3,379 | kr39,415 |
Daily gold price in ISK — July 2022
July 2022 gold market: Gold breaks below $1,700
BearishA break below $1,700 on relentless dollar strength.
Gold fell hard in July, slipping under $1,700 to around $1,680 as the dollar surged to two-decade highs and the Fed delivered another 75-point hike. It was one of the weakest stretches of the year for the metal.
What drove gold in July 2022
- second consecutive +75bp Fed hike
- dollar at 20-year highs
- real yields rising sharply
- ETF outflows
Key events in July 2022
- Jul 21Gold breaks below $1,700 on dollar strength
What happened next
Dollar strength kept pressuring gold to a September low near $1,620.
For gold buyers in Iceland
July's break below $1,700 marked peak pessimism for dollar-based buyers — though local-currency buyers in weak-currency countries felt far less pain.
The 2022 gold market: Russia sanctions and a paradigm shift
Russia invaded Ukraine on February 24, 2022. G7/EU froze $300 billion of Russian central-bank reserves — the most consequential monetary event since 1971. Central-bank gold buying hit a record 1,082 tonnes (highest ever). Year close: $1,824 despite Fed's aggressive tightening.
Key drivers in 2022
Russia sanctions, central-bank reserve freezing, Fed hikes to 4.5%, gold's structural role redefined
2022 XAU/USD high
$2,070 (Mar)
2022 XAU/USD low
$1,621 (Sep)
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 — July 2022, Iceland
kr255,189
$1,797.50/oz
kr257,585
$1,814.38/oz
kr256,737
$1,808.40/oz
kr251,569
$1,772.00/oz
kr249,056
$1,754.30/oz
kr248,162
$1,748.00/oz
kr246,770
$1,738.20/oz
kr247,682
$1,744.62/oz
kr247,026
$1,740.00/oz
kr245,706
$1,730.70/oz
kr244,840
$1,724.60/oz
kr241,446
$1,700.70/oz
kr242,227
$1,706.20/oz
kr244,753
$1,723.99/oz
kr244,059
$1,719.10/oz
kr243,207
$1,713.10/oz
kr242,667
$1,709.30/oz
kr242,071
$1,705.10/oz
kr246,600
$1,737.00/oz
kr246,501
$1,736.30/oz
kr244,030
$1,718.90/oz
kr244,201
$1,720.10/oz
kr243,349
$1,714.10/oz
kr248,942
$1,753.50/oz
kr248,928
$1,753.40/oz
kr252,049
$1,775.38/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 2022 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 July 2022 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 July 2022
What was the gold price in Iceland in July 2022?
In July 2022, gold in Iceland opened at kr255,189/oz and closed at kr252,049/oz — a move of -1.23% on the month. Per tola: ≈kr94,520; per gram: ≈kr8,104; per 10g: ≈kr81,035.
What was the 24K gold rate per tola in Iceland in July 2022?
The 24K gold rate per tola in Iceland at the July 2022 close was approximately kr94,520, derived from international XAU/USD spot of $1,775.38/oz times the 2022-end ISK/USD exchange rate of 141.9689. 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 July 2022?
Iceland's most-quoted retail standard is 24K per gram. At the July 2022 close, that worked out to approximately kr8,095 (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 July 2022 (sourced from gold-api.com), multiplied by the 2022-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 2022-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 2022 archive or the USD-only July 2022 page with the country-by-country list at the bottom.
Other markets? Compare July 2022 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 2022-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.