The Gold Price in Czech Crowns Over 20 Years
The gold price is usually quoted in US dollars per troy ounce, but for Czech investors what matters is how much they pay for a gram or an ounce in Czech crowns (CZK). Over the past 20 years the gold price in crowns has risen roughly sevenfold – and this is not only about the rise in the metal price itself, but also about the effect of the koruna’s exchange rate against the dollar. What did this development look like year by year?
The gold price in crowns by milestone
| Year | Price of 1 oz (CZK) | Price of 1 g (CZK) | What was happening |
|---|---|---|---|
| 2006 | ~13,300 | ~430 | starting point of the comparison |
| 2008 | ~17,000 | ~550 | global financial crisis, investors flee to gold |
| 2011 | ~34,000 | ~1,090 | September record, fears over the eurozone debt crisis |
| 2015 | ~26,300 | ~845 | multi-year price decline |
| 2020 | ~45,600 | ~1,465 | Covid-19 pandemic, record demand for safe assets |
| 2024 | ~63,500 | ~2,040 | new all-time highs |
| 2025 | ~88,900 | ~2,860 | continued rise, weaker dollar |
| 2026 | ~85,000–110,000 | ~2,735–3,555 | gold tests USD 4,000 per ounce |
The figures are approximate annual averages and highs converted per gram, based on the market price of gold and the koruna’s exchange rate against the dollar. The current price trend is covered in the article Gold tests USD 4,000 an ounce as the dollar hits a 13-month high.
Why the price in crowns does not rise in step with the dollar price
The gold price in CZK is the result of two factors: the dollar price on the world market and the CZK/USD exchange rate. When the dollar strengthens against the koruna, the gold price in CZK rises faster than in USD – and conversely, a stronger koruna partly dampens the rise in crowns. That is why gold may temporarily fall in dollars while staying stable in crowns, or the other way round. The mechanism of price formation is explained in more detail in the article How the gold spot price is set.
What this means for investors
The long-term view confirms that physical gold has held its value in koruna terms over the past 20 years and has strengthened markedly in recent years. Short-term swings (such as the decline in 2013–2015) are, however, a natural part of the market. More on the long-term factors supporting the price can be found in the article Gold: the fundamentals remain strong.
The current price at GOLDU
Prices on goldu.cz are updated automatically in line with the spot price and the exchange rate, usually every three minutes. How this works is explained in the article Why GOLDU prices change every three minutes. You will find the current range on the investment gold page. The historical figures are approximate and illustrate the long-term trend; past performance is no guarantee of future returns.
About the author
Adolf Baumann, analyst at Baumann Group a.s. (GOLDU), has been working with precious metals for over 30 years. He has seen euphoria, crashes and panic on the markets – and he still enjoys it. He explains in plain language what moves the price of gold and silver and how to handle them without unnecessary mistakes. His weakness? He refuses to wear a suit.
