Iceland · ISK · September 2022
Gold Price in Iceland — September 2022
In September 2022, the gold price in Iceland closed at approximately kr237,344 per troy ounce, equivalent to kr89,005 per tola or kr7,631 per gram. This represents a -1.33% change on the month (kr240,538 open → kr237,344 close).
Open
kr240,538
per troy ounce
Close
kr237,344
per troy ounce
High
kr246,342
per troy ounce
Low
kr232,020
per troy ounce
All unit prices at September 2022 close — Iceland
| Unit | Weight | Closing ISK price |
|---|---|---|
| Troy ounce | 31.1035 g | kr237,344 |
| Gram | 1.0000 g | kr7,631 |
| 10 grams | 10 g | kr76,308 |
| Kilogram | 1,000 g | kr7,630,767 |
| Tola | 11.664 g | kr89,005 |
Karat-purity breakdown at September 2022 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KICELAND STD | kr7,623 | kr88,916 |
| 22K | kr6,990 | kr81,529 |
| 21K | kr6,677 | kr77,880 |
| 18K | kr5,723 | kr66,754 |
| 14K | kr4,464 | kr52,068 |
| 10K | kr3,182 | kr37,115 |
Daily gold price in ISK — September 2022
September 2022 gold market: Multi-year lows as the dollar peaks
BearishThe year's low, driven by a 20-year-high dollar.
Gold sank to its 2022 low around $1,620 in September as the US Dollar Index climbed above 114 — a 20-year high — and the Fed hiked 75 points for a third straight meeting. Dollar strength, not gold weakness, did most of the damage.
What drove gold in September 2022
- third straight +75bp Fed hike
- US Dollar Index above 114 (20-year high)
- global currency stress
- UK gilt crisis spillover
Key events in September 2022
- Sep 21Fed hikes 75bp again; gold heads to ~$1,620
- Sep 28Dollar peaks near 114 as UK bond market wobbles
What happened next
As the dollar peaked, gold staged a powerful rebound from November onward.
For gold buyers in Iceland
September was gold's 2022 bottom in dollars — a reminder that a soaring dollar can mask gold's resilience in almost every other currency.
Related months to read
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 — September 2022, Iceland
kr240,538
$1,694.30/oz
kr243,122
$1,712.50/oz
kr243,596
$1,715.84/oz
kr242,909
$1,711.00/oz
kr241,716
$1,702.60/oz
kr241,730
$1,702.70/oz
kr242,682
$1,709.40/oz
kr243,249
$1,713.40/oz
kr246,342
$1,735.18/oz
kr245,095
$1,726.40/oz
kr242,043
$1,704.90/oz
kr241,901
$1,703.90/oz
kr239,800
$1,689.10/oz
kr236,336
$1,664.70/oz
kr238,510
$1,680.02/oz
kr236,336
$1,664.70/oz
kr236,265
$1,664.20/oz
kr237,344
$1,671.80/oz
kr237,358
$1,671.90/oz
kr233,340
$1,643.60/oz
kr234,226
$1,649.84/oz
kr233,312
$1,643.40/oz
kr232,020
$1,634.30/oz
kr234,561
$1,652.20/oz
kr234,930
$1,654.80/oz
kr237,344
$1,671.80/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 September 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 September 2022
What was the gold price in Iceland in September 2022?
In September 2022, gold in Iceland opened at kr240,538/oz and closed at kr237,344/oz — a move of -1.33% on the month. Per tola: ≈kr89,005; per gram: ≈kr7,631; per 10g: ≈kr76,308.
What was the 24K gold rate per tola in Iceland in September 2022?
The 24K gold rate per tola in Iceland at the September 2022 close was approximately kr89,005, derived from international XAU/USD spot of $1,671.80/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 September 2022?
Iceland's most-quoted retail standard is 24K per gram. At the September 2022 close, that worked out to approximately kr7,623 (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 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 September 2022 page with the country-by-country list at the bottom.
Other markets? Compare September 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.