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After 2020’s surge, gold consolidated in 2021 and slipped about 4% as the economy reopened and real yields rose.
Monthly path for 2021, anchored to the real open ($ 1,898.00), the high in January, the low in March, and the close ($ 1,829.00). The dashed line marks the yearly average; intra-year movement between anchor points is illustrative.
Year-over-year, gold fell -3.64% versus its 2020 close of $ 1,898.00.
Gold’s high came at the very start of the year, before rising real bond yields began to weigh on it.
The March low coincided with a jump in bond yields and the reopening-trade rotation into riskier assets.
After the drama of 2020, gold spent 2021 catching its breath. With economies reopening and stock markets booming, investor attention shifted to riskier, higher-growth assets, and gold drifted lower in a year of consolidation. Rising real bond yields — a key headwind for a metal that pays no interest — kept a lid on rallies.
Even so, the decline was modest: gold ended 2021 around $1,829, down roughly 4%, holding most of its pandemic-era gains. It was a year of digestion rather than decline, setting the stage for the volatility that would follow in 2022.
The post-pandemic economic reopening drew investors toward riskier assets and away from gold.
A fierce debate raged over whether surging inflation was “transitory” or persistent.
Rising real bond yields capped gold for much of the year.
Gold traded in a relatively narrow range, mostly between $1,700 and $1,900.
The economic reopening, booming stock markets, and rising real bond yields drew money away from gold, which slipped about 4% in a year of consolidation.
Gold traded mostly between about $1,684 and $1,954 per troy ounce, a relatively narrow band after 2020’s surge.
Gold's 2021 high was about $ 1,954.00 per troy ounce, reached in January.
The average gold price in 2021 was roughly $ 1,799.00 per troy ounce — it opened near $ 1,898.00 and closed around $ 1,829.00.
Gold fell about 3.6% over 2021, between a low of $ 1,684.00 and a high of $ 1,954.00.
Historical figures are approximate annual values shown for educational analysis and may differ from other sources. This is not financial advice — see our disclaimer.