Iceland · ISK · October 2022
Gold Price in Iceland — October 2022
In October 2022, the gold price in Iceland closed at approximately kr232,687 per troy ounce, equivalent to kr87,259 per tola or kr7,481 per gram. This represents a -1.53% change on the month (kr236,300 open → kr232,687 close).
Open
kr236,300
per troy ounce
Close
kr232,687
per troy ounce
High
kr243,462
per troy ounce
Low
kr231,651
per troy ounce
All unit prices at October 2022 close — Iceland
| Unit | Weight | Closing ISK price |
|---|---|---|
| Troy ounce | 31.1035 g | kr232,687 |
| Gram | 1.0000 g | kr7,481 |
| 10 grams | 10 g | kr74,811 |
| Kilogram | 1,000 g | kr7,481,055 |
| Tola | 11.664 g | kr87,259 |
Karat-purity breakdown at October 2022 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KICELAND STD | kr7,474 | kr87,172 |
| 22K | kr6,853 | kr79,929 |
| 21K | kr6,546 | kr76,352 |
| 18K | kr5,611 | kr65,444 |
| 14K | kr4,376 | kr51,047 |
| 10K | kr3,120 | kr36,387 |
Daily gold price in ISK — October 2022
October 2022 gold market: Gold scrapes multi-year lows
BearishHeavy trade near multi-year lows on dollar and yield pressure.
Gold traded heavily around $1,640 in October 2022, near its lowest levels in over two years, as a still-strong dollar, a fourth jumbo Fed hike on the horizon, and surging global yields kept pressure on. Resilient physical demand quietly cushioned the lows.
What drove gold in October 2022
- dollar near 20-year highs
- expectations of a fourth +75bp hike
- surging global bond yields
- supportive physical and central-bank demand
Key events in October 2022
- Oct 21Gold hovers near $1,640 as yields and the dollar stay elevated
What happened next
November's softer inflation print finally sparked a sharp reversal off the lows.
For gold buyers in Iceland
October's grind near $1,640 was peak pessimism in dollars — the bottom from which gold would rebound strongly.
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 — October 2022, Iceland
kr236,300
$1,664.45/oz
kr241,564
$1,701.53/oz
kr236,861
$1,668.40/oz
kr243,462
$1,714.90/oz
kr241,418
$1,700.50/oz
kr243,363
$1,714.20/oz
kr240,808
$1,696.20/oz
kr241,335
$1,699.92/oz
kr238,025
$1,676.60/oz
kr236,336
$1,664.70/oz
kr237,187
$1,670.70/oz
kr233,979
$1,648.10/oz
kr234,149
$1,649.30/oz
kr236,879
$1,668.53/oz
kr236,350
$1,664.80/oz
kr234,675
$1,653.00/oz
kr231,651
$1,631.70/oz
kr232,162
$1,635.30/oz
kr233,297
$1,643.30/oz
kr237,199
$1,670.79/oz
kr234,135
$1,649.20/oz
kr235,569
$1,659.30/oz
kr236,634
$1,666.80/oz
kr235,640
$1,659.80/oz
kr233,979
$1,648.10/oz
kr233,644
$1,645.74/oz
kr232,687
$1,639.00/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 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 October 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 October 2022
What was the gold price in Iceland in October 2022?
In October 2022, gold in Iceland opened at kr236,300/oz and closed at kr232,687/oz — a move of -1.53% on the month. Per tola: ≈kr87,259; per gram: ≈kr7,481; per 10g: ≈kr74,811.
What was the 24K gold rate per tola in Iceland in October 2022?
The 24K gold rate per tola in Iceland at the October 2022 close was approximately kr87,259, derived from international XAU/USD spot of $1,639.00/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 October 2022?
Iceland's most-quoted retail standard is 24K per gram. At the October 2022 close, that worked out to approximately kr7,474 (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 October 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 October 2022 page with the country-by-country list at the bottom.
Other markets? Compare October 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.