Iceland · ISK · May 2023
Gold Price in Iceland — May 2023
In May 2023, the gold price in Iceland closed at approximately kr267,334 per troy ounce, equivalent to kr100,252 per tola or kr8,595 per gram. This represents a -1.39% change on the month (kr271,108 open → kr267,334 close).
Open
kr271,108
per troy ounce
Close
kr267,334
per troy ounce
High
kr278,262
per troy ounce
Low
kr265,089
per troy ounce
All unit prices at May 2023 close — Iceland
| Unit | Weight | Closing ISK price |
|---|---|---|
| Troy ounce | 31.1035 g | kr267,334 |
| Gram | 1.0000 g | kr8,595 |
| 10 grams | 10 g | kr85,950 |
| Kilogram | 1,000 g | kr8,594,993 |
| Tola | 11.664 g | kr100,252 |
Karat-purity breakdown at May 2023 close
| Karat | Per gram | Per tola |
|---|---|---|
| 24KICELAND STD | kr8,586 | kr100,152 |
| 22K | kr7,873 | kr91,831 |
| 21K | kr7,521 | kr87,721 |
| 18K | kr6,446 | kr75,189 |
| 14K | kr5,028 | kr58,647 |
| 10K | kr3,584 | kr41,805 |
Daily gold price in ISK — May 2023
May 2023 gold market: Record attempt fades on debt-ceiling resolution
VolatileA near-record spike that faded as the debt-ceiling risk cleared.
Gold pushed to near $2,050 in early May amid US debt-ceiling brinkmanship and banking jitters, briefly approaching its record. As a debt-ceiling deal took shape and the Fed stayed hawkish, the metal pulled back toward $1,960.
What drove gold in May 2023
- US debt-ceiling standoff
- lingering regional-bank stress
- still-hawkish Fed
- dollar resilience
Key events in May 2023
- May 4Gold spikes near $2,050 on debt-ceiling and bank fears
What happened next
With the debt deal done, gold drifted lower through the summer on higher-for-longer rates.
For gold buyers in Iceland
May's failed record attempt showed that, absent an actual crisis, the Fed's higher-for-longer stance still capped gold.
The 2023 gold market: Banking crisis and another record CB buy year
Silicon Valley Bank failed in March 2023, followed by Credit Suisse rescue. Gold rallied to $2,072 in May, then traded $1,820–$2,090 through year-end. Central banks bought another 1,037 tonnes — second-highest ever. Year close: $2,062.
Key drivers in 2023
Regional banking crisis, Credit Suisse failure, central-bank buying continues, persistent inflation
2023 XAU/USD high
$2,135 (Dec)
2023 XAU/USD low
$1,810 (Feb)
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 2023, Iceland
kr271,108
$1,992.13/oz
kr271,553
$1,995.40/oz
kr274,125
$2,014.30/oz
kr278,262
$2,044.70/oz
kr272,315
$2,001.00/oz
kr276,180
$2,029.40/oz
kr272,315
$2,001.00/oz
kr276,289
$2,030.20/oz
kr277,242
$2,037.20/oz
kr274,357
$2,016.00/oz
kr274,887
$2,019.90/oz
kr275,189
$2,022.12/oz
kr274,887
$2,019.90/oz
kr273,200
$2,007.50/oz
kr268,695
$1,974.40/oz
kr266,776
$1,960.30/oz
kr266,953
$1,961.60/oz
kr269,821
$1,982.67/oz
kr268,137
$1,970.30/oz
kr267,988
$1,969.20/oz
kr268,056
$1,969.70/oz
kr265,143
$1,948.30/oz
kr265,089
$1,947.90/oz
kr265,343
$1,949.77/oz
kr265,089
$1,947.90/oz
kr265,715
$1,952.50/oz
kr267,334
$1,964.40/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 2023 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 2023 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 2023
What was the gold price in Iceland in May 2023?
In May 2023, gold in Iceland opened at kr271,108/oz and closed at kr267,334/oz — a move of -1.39% on the month. Per tola: ≈kr100,252; per gram: ≈kr8,595; per 10g: ≈kr85,950.
What was the 24K gold rate per tola in Iceland in May 2023?
The 24K gold rate per tola in Iceland at the May 2023 close was approximately kr100,252, derived from international XAU/USD spot of $1,964.40/oz times the 2023-end ISK/USD exchange rate of 136.0896. 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 2023?
Iceland's most-quoted retail standard is 24K per gram. At the May 2023 close, that worked out to approximately kr8,586 (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 2023 (sourced from gold-api.com), multiplied by the 2023-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 2023-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 2023 archive or the USD-only May 2023 page with the country-by-country list at the bottom.
Other markets? Compare May 2023 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 2023-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.