Annual Report · Gold
The 2026 wholesale gold jewelry
price report.
Gold averaged $3,431/oz in 2025, up 44%, then swung about 29% peak-to-trough inside the first half of 2026 — volatility roughly three times its 20-year norm. This report translates that into what it means at the counter: per-gram costs by karat, the gold inside finished pieces, what buyers did, and the 46–50% North American retail margins that absorbed it. Every public figure is dated and traced to its primary source; every per-gram figure is computed from the same karat math a Clazoire quote uses. Last verified July 6, 2026.
The Headline Numbers
Six figures that frame the 2026 gold year.
Average gold price
Figure
$3,431/oz (up 44% year on year)
Period
2025
Source
World Gold Council
New all-time highs set by the LBMA (PM) gold price
Figure
53
Period
2025
Source
World Gold Council
Spot gold intraday range
Figure
$5,595.47 (Jan 29) to $3,959.33 (Jun 24) (roughly a 29% peak-to-trough swing in under five months)
Period
2026, first half
Source
World Gold Council
Realized gold volatility at the 2026 peak
Figure
more than 50% (20-year average: 17%)
Period
H1 2026
Source
World Gold Council
Global jewellery demand
Figure
1,542.3 tonnes (down 18% by weight) (yet value rose 18% to a record $172bn)
Period
2025
Source
World Gold Council
Canadian jewellery retail gross margin
Figure
45.7% (against metal volatility roughly three times its 20-year norm)
Period
2024
Source
Statistics Canada
| Metric | Figure | Period | Source |
|---|---|---|---|
| Average gold price | $3,431/oz (up 44% year on year) | 2025 | World Gold Council |
| New all-time highs set by the LBMA (PM) gold price | 53 | 2025 | World Gold Council |
| Spot gold intraday range | $5,595.47 (Jan 29) to $3,959.33 (Jun 24) (roughly a 29% peak-to-trough swing in under five months) | 2026, first half | World Gold Council |
| Realized gold volatility at the 2026 peak | more than 50% (20-year average: 17%) | H1 2026 | World Gold Council |
| Global jewellery demand | 1,542.3 tonnes (down 18% by weight) (yet value rose 18% to a record $172bn) | 2025 | World Gold Council |
| Canadian jewellery retail gross margin | 45.7% (against metal volatility roughly three times its 20-year norm) | 2024 | Statistics Canada |
The one-line read: the metal now swings faster than most stores turn inventory, buyers responded by purchasing fewer and lighter pieces, and the retail counter absorbed the shock on a gross margin that has not moved much. The rest of this report puts numbers under each of those sentences.
Three Years Of Records
Forty highs, then fifty-three, then a hard correction.
Average gold price and record highs
Figure
$2,386/oz (up 23%), 40 record highs
Period
2024
Source
World Gold Council
Average gold price and record highs
Figure
$3,431/oz (up 44%), 53 record highs
Period
2025
Source
World Gold Council
Average gold price, fourth quarter
Figure
a record $4,135/oz (up 55% year on year)
Period
Q4 2025
Source
World Gold Council
New all-time highs (intraday spot)
Figure
12, surpassing $5,500/oz in late January
Period
2026, first half
Source
World Gold Council
Spot gold intraday high
Figure
$5,595.47
Period
January 29, 2026
Source
World Gold Council
Spot gold intraday low
Figure
$3,959.33
Period
June 24, 2026
Source
World Gold Council
Peak-to-trough swing between those two prints
Figure
roughly 29% in under five months (computed from the two intraday prints above)
Period
H1 2026
Source
World Gold Council
| Metric | Figure | Period | Source |
|---|---|---|---|
| Average gold price and record highs | $2,386/oz (up 23%), 40 record highs | 2024 | World Gold Council |
| Average gold price and record highs | $3,431/oz (up 44%), 53 record highs | 2025 | World Gold Council |
| Average gold price, fourth quarter | a record $4,135/oz (up 55% year on year) | Q4 2025 | World Gold Council |
| New all-time highs (intraday spot) | 12, surpassing $5,500/oz in late January | 2026, first half | World Gold Council |
| Spot gold intraday high | $5,595.47 | January 29, 2026 | World Gold Council |
| Spot gold intraday low | $3,959.33 | June 24, 2026 | World Gold Council |
| Peak-to-trough swing between those two prints | roughly 29% in under five months (computed from the two intraday prints above) | H1 2026 | World Gold Council |
A note on the record counts, because it matters for honesty: the 40 highs in 2024 and 53 in 2025 are counted on the LBMA PM benchmark, while the 12 highs in the first half of 2026 are counted on intraday spot. Those are different bases, so we present them by year and never add them into a single headline total. Whatever you call it, the lesson is one thing — the price a supplier quoted last month is not the price of the metal in the piece today.
What An Ounce Means At The Counter
Dollars per gram, by karat.
14K gold cost per gram · computed from World Gold Council per-ounce prints
2024 average · $2,386/oz
10K
$31.99
14K
$44.72
18K
$57.53
22K
$70.34
2025 average · $3,431/oz
10K
$46.00
14K
$64.31
18K
$82.73
22K
$101.15
Q4 2025 average · $4,135/oz
10K
$55.44
14K
$77.51
18K
$99.71
22K
$121.91
2026 intraday high · $5,595.47/oz
10K
$75.02
14K
$104.88
18K
$134.92
22K
$164.97
2026 intraday low · $3,959.33/oz
10K
$53.08
14K
$74.21
18K
$95.47
22K
$116.73
| Period | 10K | 14K | 18K | 22K |
|---|---|---|---|---|
| 2024 average · $2,386/oz | $31.99 | $44.72 | $57.53 | $70.34 |
| 2025 average · $3,431/oz | $46.00 | $64.31 | $82.73 | $101.15 |
| Q4 2025 average · $4,135/oz | $55.44 | $77.51 | $99.71 | $121.91 |
| 2026 intraday high · $5,595.47/oz | $75.02 | $104.88 | $134.92 | $164.97 |
| 2026 intraday low · $3,959.33/oz | $53.08 | $74.21 | $95.47 | $116.73 |
This is the report's spine. Each cell is the price of one gram of that karat alloy at that period's gold price — computed as the per-ounce price ÷ 31.1034768 grams × the karat's purity (10K 0.4170, 14K 0.5830, 18K 0.7500, 22K 0.9170), the exact conversion Clazoire's quote engine uses. A 14K gram ran about $44.72 on 2024's average and about $104.88 at the January 2026 peak — then fell back to about $74.21 by late June. These are the value of the metal only; they exclude diamonds, labour, finishing, and margin, so they are not a wholesale price. You can reproduce any cell with your own weights on our free gold calculator.
The Volatility Regime
Three times the twenty-year normal.
Realized volatility at the 2026 peak
Figure
more than 50%
Period
H1 2026
Source
World Gold Council
Realized volatility after the June correction
Figure
below 30%
Period
late June 2026
Source
World Gold Council
20-year average gold volatility
Figure
17%
Period
2006–2026
Source
World Gold Council
| Metric | Figure | Period | Source |
|---|---|---|---|
| Realized volatility at the 2026 peak | more than 50% | H1 2026 | World Gold Council |
| Realized volatility after the June correction | below 30% | late June 2026 | World Gold Council |
| 20-year average gold volatility | 17% | 2006–2026 | World Gold Council |
Volatility above 50% is equity-crash territory, not precious-metal territory — and even after cooling below 30% it remains well above the 17% two-decade norm. For a store, that gap is the difference between re-pricing a case quarterly and re-pricing it weekly.
Inside A Finished Piece
The gold in one ring moved $1,611 in five months.
Pavé open-circle minimalist pendant — 1.75 g
14K gold content, 2025 average
$112.54
H1 2026 peak-to-trough swing
$53.67
Cursive pavé nameplate pendant — 6.7 g
14K gold content, 2025 average
$430.88
H1 2026 peak-to-trough swing
$205.47
Iced baguette monogram pendant — 13.92 g
14K gold content, 2025 average
$895.20
H1 2026 peak-to-trough swing
$426.89
Pear-cluster diamond drop necklace — 17.4 g
14K gold content, 2025 average
$1,119.00
H1 2026 peak-to-trough swing
$533.62
Oval diamond-station bangle — 19 g
14K gold content, 2025 average
$1,221.90
H1 2026 peak-to-trough swing
$582.68
Iced championship signet ring — 52.52 g
14K gold content, 2025 average
$3,377.58
H1 2026 peak-to-trough swing
$1,610.66
| Piece (published gold weight) | 14K gold content, 2025 average | H1 2026 peak-to-trough swing |
|---|---|---|
| Pavé open-circle minimalist pendant — 1.75 g | $112.54 | $53.67 |
| Cursive pavé nameplate pendant — 6.7 g | $430.88 | $205.47 |
| Iced baguette monogram pendant — 13.92 g | $895.20 | $426.89 |
| Pear-cluster diamond drop necklace — 17.4 g | $1,119.00 | $533.62 |
| Oval diamond-station bangle — 19 g | $1,221.90 | $582.68 |
| Iced championship signet ring — 52.52 g | $3,377.58 | $1,610.66 |
Take real pieces off our own catalog and the swing stops being abstract. At its published 52.52-gram gold weight, the signet ring's gold content alone moved about $1,611 between the January 2026 peak and the June trough — on one ring, from the metal only. The figures are each piece's published gold weight multiplied by the 14K per-gram rate; they exclude diamonds, labour, finishing, and margin, so they are the value of the metal in the piece, not a wholesale price. That is exactly why an undated quote on a heavy piece is a bet on the gold price.
What Buyers Did
Fewer grams bought, more dollars paid.
Global jewellery demand, volume
Figure
1,542.3 tonnes (down 18% year on year)
Period
2025
Source
World Gold Council
Global jewellery demand, value
Figure
up 18% to a record $172 billion
Period
2025
Source
World Gold Council
Jewellery demand, fourth quarter
Figure
441.5 tonnes (down 19% year on year)
Period
Q4 2025
Source
World Gold Council
Bar and coin buying, fourth quarter
Figure
420.5 tonnes (up 30% year on year)
Period
Q4 2025
Source
World Gold Council
Total gold demand including OTC
Figure
over 5,000 tonnes for the first time — $555bn (up 45%)
Period
2025
Source
World Gold Council
| Metric | Figure | Period | Source |
|---|---|---|---|
| Global jewellery demand, volume | 1,542.3 tonnes (down 18% year on year) | 2025 | World Gold Council |
| Global jewellery demand, value | up 18% to a record $172 billion | 2025 | World Gold Council |
| Jewellery demand, fourth quarter | 441.5 tonnes (down 19% year on year) | Q4 2025 | World Gold Council |
| Bar and coin buying, fourth quarter | 420.5 tonnes (up 30% year on year) | Q4 2025 | World Gold Council |
| Total gold demand including OTC | over 5,000 tonnes for the first time — $555bn (up 45%) | 2025 | World Gold Council |
Jewellery volume fell in every market on earth in 2025 — and the dollar value of jewellery sold still hit a record $172 billion. Shoppers did not stop buying; they bought lighter and paid more per gram. For the retailer, that shifts the game to gold weight per piece and per-gram honesty: a case full of over-heavy designs is now a bet on the gold price, not a merchandising plan.
The Margin That Absorbs It
The North American counter, in federal numbers.
Canada — Statistics Canada
Sector retail revenue
Figure
CAD $5.83 billion (jewellery, luggage and leather goods retailers)
Period
2024
Source
Statistics Canada
Sector gross margin
Figure
45.7%
Period
2024
Source
Statistics Canada
Employer jewellery retailers
Figure
2,542
Period
December 2025
Source
Statistics Canada
Employer jewellery retailers in Ontario
Figure
1,009 (about 39.7% of Canada's total) (computed from 1,009 ÷ 2,542)
Period
December 2025
Source
Statistics Canada
| Metric | Figure | Period | Source |
|---|---|---|---|
| Sector retail revenue | CAD $5.83 billion (jewellery, luggage and leather goods retailers) | 2024 | Statistics Canada |
| Sector gross margin | 45.7% | 2024 | Statistics Canada |
| Employer jewellery retailers | 2,542 | December 2025 | Statistics Canada |
| Employer jewellery retailers in Ontario | 1,009 (about 39.7% of Canada's total) (computed from 1,009 ÷ 2,542) | December 2025 | Statistics Canada |
United States — Census AIES & BLS QCEW
Jewelry-store sales
Figure
$39.85 billion
Period
2023
Source
U.S. Census Bureau
Jewelry-store gross margin
Figure
50.3%
Period
2023
Source
U.S. Census Bureau
Share of jewelry-store sales made online
Figure
3.1%
Period
2023
Source
U.S. Census Bureau
Jewelry retail establishments
Figure
20,168
Period
2024
Source
U.S. Bureau of Labor Statistics
People employed in jewelry retail
Figure
113,841
Period
2024
Source
U.S. Bureau of Labor Statistics
| Metric | Figure | Period | Source |
|---|---|---|---|
| Jewelry-store sales | $39.85 billion | 2023 | U.S. Census Bureau |
| Jewelry-store gross margin | 50.3% | 2023 | U.S. Census Bureau |
| Share of jewelry-store sales made online | 3.1% | 2023 | U.S. Census Bureau |
| Jewelry retail establishments | 20,168 | 2024 | U.S. Bureau of Labor Statistics |
| People employed in jewelry retail | 113,841 | 2024 | U.S. Bureau of Labor Statistics |
The two datasets are kept separate on purpose — a Canadian StatCan group and a US federal group, in their own currencies, never blended into one ratio. Read together, they say the same thing: North American jewellery stores run roughly a 46–50% gross margin, and that margin is what absorbed a metal that swung 29% in five months. It is a cushion, not a shield. When the metal moves a fifth of its value in a season, the margin is doing real work.
Where Forecasters Point
Higher, they think — but forecasts, not promises.
Forecast average gold price
Figure
$5,243/oz
Period
2026 (forecast)
Source
J.P. Morgan Global Research
Forecast gold price, fourth quarter
Figure
$6,000/oz
Period
Q4 2026 (forecast)
Source
J.P. Morgan Global Research
Forecast average gold price
Figure
$6,263/oz
Period
2027 (forecast)
Source
J.P. Morgan Global Research
Central bank buying, quarterly average
Figure
225 tonnes (roughly double the 2016–2020 pace)
Period
2021–2025
Source
J.P. Morgan Global Research
| Metric | Figure | Period | Source |
|---|---|---|---|
| Forecast average gold price | $5,243/oz | 2026 (forecast) | J.P. Morgan Global Research |
| Forecast gold price, fourth quarter | $6,000/oz | Q4 2026 (forecast) | J.P. Morgan Global Research |
| Forecast average gold price | $6,263/oz | 2027 (forecast) | J.P. Morgan Global Research |
| Central bank buying, quarterly average | 225 tonnes (roughly double the 2016–2020 pace) | 2021–2025 | J.P. Morgan Global Research |
J.P. Morgan's June 2026 view has gold averaging $5,243/oz in 2026 and $6,263/oz in 2027, underwritten by central banks that have bought about 225 tonnes a quarter since 2021. Treat every forecast as a scenario, not a schedule — the same June that carried this forecast also saw spot dip under $4,000. The planning takeaway is the range, not the point estimate.
What It Means For A 2026 Purchase Order
Volatility is now a line item.
Put the datasets together and the operating picture is concrete. First, quote lifetimes shrink: when the metal can move a fifth of its value inside a season, an undated price is a guess. Second, inventory depth is exposure: every extra heavy piece in the safe is a leveraged position on the charts above. Third, weight discipline pays twice — lighter designs protect the retail price point and cut the volatility exposure per piece. None of that is a forecast; it is just what the 2025–2026 numbers already did.
Where Clazoire Fits
Our stake, stated plainly.
Clazoire prices gold per gram in USD against a dated spot capture, published on our wholesale gold price index with per-karat breakdowns — so a store can check our math against the same conversion this report uses. The same math runs the free gold calculator, where you enter your own grams and karat. Minimums start at 1 unit on most styles, which is the shallow-buy mechanic the volatility data argues for. If the numbers make the case, open a wholesale account — and cite this page either way.
Sources & Methodology
Check every number yourself.
- Gold Demand Trends: Q4 and Full Year 2025 — World Gold Council, 2026.
- Gold Demand Trends: Full Year 2024 — World Gold Council, 2025.
- Gold Mid-Year Outlook 2026: Point break — World Gold Council, June 2026.
- Gold Price Predictions for 2026 and 2027 — J.P. Morgan Global Research, June 9, 2026.
- Table 20-10-0083-01: Retail trade sales and gross margin, by industry (ARTS) — Statistics Canada, 2024 reference year.
- Table 33-10-0955-01: Canadian Business Counts, with employees — Statistics Canada, December 2025.
- Annual Integrated Economic Survey (AIES), jewelry stores (NAICS 458310) — U.S. Census Bureau, 2023 reference year.
- Quarterly Census of Employment and Wages, jewelry retailers (NAICS 458310) — U.S. Bureau of Labor Statistics, 2024 annual.
- Wholesale Gold Price Index (per-gram-by-karat conversion methodology) — Clazoire Wholesale, 2026.
Each figure states the period it covers and was last verified against its primary source on July 6, 2026. Figures that could not be traced to a primary source were dropped rather than estimated. Prices move; treat these as dated benchmarks, not quotes. Spot an error or hold newer primary data? Send a correction via our contact page and we'll update the page and credit the fix. This page is free to cite with attribution. Per-gram figures are computed from the World Gold Council per-ounce prints using the standard karat conversion; they are gold-content value only and exclude diamonds, labour, finishing, and margin. For the diamond side of the purchase order, see our lab-grown vs natural price statistics.
To cite this page
Clazoire Wholesale, "2026 Wholesale Gold Jewelry Price Report", https://wholesale.clazoire.com/stats/wholesale-gold-jewelry-price-report-2026 — figures verified against primary sources on July 6, 2026.
Embed this chart (free, attribution link required)
<a href="https://wholesale.clazoire.com/stats/wholesale-gold-jewelry-price-report-2026"><img src="https://wholesale.clazoire.com/stats/wholesale-gold-jewelry-price-report-2026/og" alt="2026 Wholesale Gold Jewelry Price Report — Clazoire Wholesale" width="600" style="max-width:100%;height:auto;border:0"/></a> <p style="font-size:12px">Chart: <a href="https://wholesale.clazoire.com/stats/wholesale-gold-jewelry-price-report-2026">Clazoire Wholesale</a>, verified July 6, 2026.</p>
The Specifics
The numbers, answered straight.
About $64.31 per gram, on average, in 2025 — up from about $44.72 in 2024. Those per-gram figures are computed from the World Gold Council's annual average gold prices ($3,431/oz in 2025, $2,386/oz in 2024) using the standard 14K purity of 0.583 and the troy ounce of 31.1034768 grams — the same conversion Clazoire's quote engine uses. They are the value of the metal itself, before diamonds, labour, finishing, or margin.
Gold price per ounce ÷ 31.1034768 grams per troy ounce × the karat's purity (10K 0.4170, 14K 0.5830, 18K 0.7500, 22K 0.9170). We apply that conversion to public per-ounce prints from the World Gold Council, so every derived cell can be checked against the same primary numbers. It is gold-content value only — it excludes diamonds, labour, finishing, and margin, so it is not a wholesale price.
Because shoppers bought lighter, not less. Global jewellery demand fell 18% by weight to 1,542.3 tonnes in 2025, yet the value of that jewellery rose 18% to a record $172 billion, per the World Gold Council. Record gold prices pushed buyers toward lighter, better-priced pieces while the dollars spent still hit an all-time high.
Roughly 46–50%. Statistics Canada put the Canadian sector's gross margin at 45.7% in 2024, and the U.S. Census Bureau's jewelry-store data shows a 50.3% gross margin. Those margins are what absorb a metal that swung about 29% peak-to-trough in the first half of 2026 — volatility roughly three times its 20-year norm.
Every figure was last checked against its primary source on July 6, 2026, and the page carries that date. The report is re-verified whenever a cited source — the World Gold Council, J.P. Morgan, Statistics Canada, the U.S. Census Bureau, or the BLS — publishes a newer period. Figures that could not be traced to a primary source were dropped rather than estimated.
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