Gold & silver price history
Ten years of annual average gold and silver prices, the gold-to-silver ratio and year-over-year changes, from LBMA data. Context, not a forecast.
By Prepper Metals Editorial · Updated October 2026 · Editorial standards
Year by year
Annual averages smooth out daily swings. Note the years when prices fell, such as silver in 2017, 2018 and 2022, alongside the years they rose.
| Year | Gold avg | Gold change | Silver avg | Silver change | Gold/silver ratio |
|---|---|---|---|---|---|
| 2016 | $1,251 | — | $17.14 | — | 73.0 |
| 2017 | $1,257 | +0.5% | $17.05 | -0.5% | 73.7 |
| 2018 | $1,269 | +1.0% | $15.71 | -7.9% | 80.8 |
| 2019 | $1,393 | +9.8% | $16.21 | +3.2% | 85.9 |
| 2020 | $1,770 | +27.1% | $20.55 | +26.8% | 86.1 |
| 2021 | $1,799 | +1.6% | $25.14 | +22.3% | 71.6 |
| 2022 | $1,800 | +0.1% | $21.73 | -13.6% | 82.8 |
| 2023 | $1,941 | +7.8% | $23.35 | +7.5% | 83.1 |
| 2024 | $2,386 | +22.9% | $28.27 | +21.1% | 84.4 |
| 2025 | $3,432 | +43.8% | $40.03 | +41.6% | 85.7 |
2025 in context
According to the LBMA's full-year 2025 report, gold ranged from a low of $2,631.80 (January 6) to a high of $4,481.85 (December 23), and silver from $29.41 (January 2) to $74.835 (December 30). Annual averages hide moves that large, which is one reason short-term prices are so hard to anticipate.
How to read these numbers
- Averages, not purchase prices. You always pay a premium over spot when buying, and usually receive less than retail when selling.
- Nominal dollars. Figures aren't adjusted for inflation.
- The ratio isn't a signal. It shows how the two metals moved relative to each other, not which one to buy.
Updated once a year when full-year data is published. Data through 2025.
Educational information only, not investment, tax or legal advice. Precious metals prices change constantly and can go down as well as up. Talk to a licensed professional about your situation. Full disclaimer.
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Keep reading
Sources
- LBMA: Precious metals market report, Q4 and full year 2025
- MetalCharts: Gold price history (LBMA annual averages)
- MetalCharts: Silver price history (LBMA annual averages)
We check facts against primary sources where possible. Spot an error? Email hello@preppermetals.com. See our editorial standards.
Common questions
What was the average gold price in 2025?
About $3,432 per ounce, based on LBMA annual average data, up from about $2,386 in 2024. Past performance is not a guarantee of future results.
What was the average silver price in 2025?
About $40.03 per ounce, based on LBMA annual average data, up from about $28.27 in 2024. Past performance is not a guarantee of future results.
What is the gold-to-silver ratio?
The number of ounces of silver it takes to buy one ounce of gold. Using annual averages it ranged from about 72 to 86 between 2016 and 2025.