In 2020, Gold Appreciated Most Against These Currencies

2020 is over, and it's time to see how much the price of gold grew relative to different leading currencies. Values differ country by country, but overall, the yellow metal performed very well last year.

Gold is the antagonist for all paper currencies: if the price of gold in a specific currency grows, it means that this fiat currency is losing its purchasing power. Many of you probably wish to know how gold prices changed in 2020 in different countries and where the local currency depreciated most relative to the yellow metal. Below you'll find a list showing the dynamics for 20 countries.

Firstly, we should note that gold ended 2020 at $1,898/oz, equivalent to 1,554 euro. This means that it appreciated by 24% in USD and by just 14% in euro. As for silver, it finished at $26.39 an ounce, or 21.61 euro. This means a 46% increase in USD and +36% in euro, which is a great result for silver.

It's also worth mentioning that the price of gold virtually exploded in some countries, especially Venezuela. One ounce of gold now costs over 2 million bolivars: a 3,020% increase year-on-year. In other developing countries, gold also grew considerably: this points towards a devaluation of local currencies and high inflation rates.

Here's how much the price of gold in various countries increased year-on-year as of December 31, 2020:

Venezuela: +3020%
Argentina: +76%
Brazil: +62%
Turkey: +56%
Russia: +50%
Mexico: +32%
South Africa: +31%
India: +28%
UAE: +25%
USA: +24%
Singapore: +23%
UK: +21%
China: +17%
Australia: +16%
Eurozone: +14%
Switzerland: +14%
Sweden: +10%

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