Precious Metals
February 6, 2025
1 min
Precious Metals
In 2024, gold prices surged across multiple currencies, particularly in emerging markets.
This graphic presents data from the In Gold We Trust Report (January 2025), illustrating how gold prices evolved in various emerging market currencies throughout the year.
🔗 To read the full report, visit In Gold We Trust.
In Nigeria, the Naira's 121.5% rise in gold prices was driven by multiple devaluations by the Central Bank of Nigeria (CBN), high inflation surpassing 28%, and a severe USD shortage that pushed investors toward gold as a store of value.
Similarly, Egypt experienced a 109.1% increase, primarily due to the Egyptian Pound losing 50% of its value following an IMF-driven currency float. Inflation soared above 35%, and as confidence in the local currency declined, Egyptians turned to gold to safeguard their wealth.
Venezuela, with an 84.1% increase, continued to struggle with hyperinflation and currency volatility. Many Venezuelans relied on gold and USD as alternatives to the Bolívar, while the government’s dependence on gold reserves further contributed to price surges.
Moderate increases were observed in Brazil (62.1%), Argentina (62.1%), Russia (61.8%), Mexico (56.2%), and Turkey (52.5%), where inflation and economic uncertainty played key roles in gold price appreciation.
Lower but still notable growth between 30-45% was recorded in Colombia, Chile, the Philippines, Indonesia, South Africa, and India, reflecting a broader trend of rising gold demand in emerging markets.
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Seven Events That Shaped a Century of Gold Prices
Seven Events That Shaped a Century of Gold Prices
In 1934, the US government set the price of gold at $35 an ounce. In September 2026, the market price averaged $4,319. Measured in today's money, gold has done more than keep up with rising prices. An ounce is now worth almost five times what it was when the price was set in 1934, and more than at the famous 1980 peak. For the companies that mine it, that has meant record margins.
The World's 20 Largest Primary Silver Mines by 2025 Output
The World's 20 Largest Primary Silver Mines by 2025 Output
The largest silver producer among the world's primary silver mines in 2025 sat not in Mexico but in southwestern Bolivia. San Cristóbal, a large open-pit silver-zinc-lead mine run by Minera San Cristóbal, produced 17.6 million ounces of silver, narrowly ahead of Mexico's Juanicipio at the same rounded figure, in new Metals Focus data on the 20 largest primary silver mines. These are the operations where silver is a defining product rather than an incidental byproduct of lead, zinc and gold. The list runs from centuries-old mines in Mexico's silver belt to remote sites in the Andes, the Australian outback and the Alaskan wilderness. Eight of the 20 sit in Mexico, together about 44% of the total, while the rest are spread across the Americas, Asia, Africa and Australia.
Central Banks Have Been Net Gold Buyers Since 2010, After Two Decades of Net Selling
Central Banks Have Been Net Gold Buyers Since 2010, After Two Decades of Net Selling
Central banks bought more gold between April and June 2026 than in any second quarter on record, according to a World Gold Council report published on July 30. That keeps them net buyers this year, as they have been every year since 2010. Underneath, the picture is changing. Russia and Türkiye, both big buyers in the past, have been selling.
Gold Mines in West Africa: Two Billion Years in the Making
Gold Mines in West Africa: Two Billion Years in the Making
The nine West African countries with significant reported output produced about 15% of the world's mined gold in 2025, according to Metals Focus and World Gold Council data. Almost every mine on the map above was built in the past 25 years, and four more reached production in the last eighteen months: Lafigué in Côte d'Ivoire in June 2024, Kiaka in Burkina Faso in June 2025, Ahafo North in Ghana in October 2025 and Kiniero in Guinea in December 2025.
