IC Markets
3:09
2:39
2:10
2:18
3:43
8:42
Gold is getting harder to afford
How many days of average income buy 10 grams of gold, in 44 countries from 2015 to 2025, from World Bank data.
Read the findings →Gold Affordability Index
How long an average person has to work to afford 10 grams of gold, in 44 countries, every year from 2015 to 2025. In India it took 146.3 days of average income in 2025, up from 86.2.
Free to use with credit
Key findings
7 findings to quote
Copy any line with its source in one click.
In India, 10 grams of gold cost 146.3 days of average income in 2025, up from 86.2 days in 2015. At the world price that was about ₹96,438, against ₹23,941 ten years earlier.
Source: FX Recap Gold Affordability Index, from World Bank dataIn Pakistan the same 10 grams took 269.2 days of average income in 2025, 2.5 times as long as in 2015 (106.4 days). In Bangladesh it took 142.2 days.
Source: FX Recap Gold Affordability Index, World Bank dataGold became harder to afford in every one of the 44 countries in the index between 2015 and 2025; the median country needed 2.3 times as many days of income.
Source: FX Recap Gold Affordability Index, World Bank dataA month of average income bought 2.1 grams of gold in India in 2025, 1.1 grams in Pakistan and 61.6 grams in Singapore.
Source: FX Recap Gold Affordability Index, World Bank dataThe world gold price averaged $3,441.5 an ounce in 2025, 3 times its 2015 average of $1,160.75. The monthly average peaked at $5,020 in Feb 2026.
Source: World Bank Commodity Price Data (Pink Sheet)In 13 of 44 countries (Ethiopia, Uganda, Tanzania, Myanmar, Nigeria, Pakistan, Nepal, Kenya, Ghana, Cambodia, India, Bangladesh, Egypt), 10 grams of gold cost more than 100 days of average income in 2025, against 4.5 days in the United States.
Source: FX Recap Gold Affordability Index, World Bank dataNigeria's figure rose from 49.4 to 297 days between 2015 and 2025, partly because the naira's fall more than halved incomes measured in US dollars.
Source: FX Recap Gold Affordability Index, World Bank data
The gold price
The world gold price since 2015
The World Bank's monthly average world gold price rose from about $1,250 an ounce at the start of 2015 to a peak of $5,020 in Feb 2026. It was $4,319 in Sep 2026. Most of the rise came after 2023.
| Year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Average, $/oz | 1,161 | 1,249 | 1,258 | 1,269 | 1,393 | 1,770 | 1,800 | 1,801 | 1,943 | 2,388 | 3,442 |
2025
Days of income for 10 grams of gold, by country
At the 2025 average price, 10 grams of gold cost about $1,106. In 13 countries that was more than 100 days of average income. In Ethiopia it was 363.8 days; in United States, 4.5.
Trend
Year by year in six Asian countries
Gold got slightly easier to afford from 2015 to 2018, when the price was flat and incomes grew: in Bangladesh the figure fell from 113 to 74 days. It worsened sharply in 2020, eased in 2021 and 2022, then jumped in 2024 and 2025 as the price ran far ahead of pay.
Since 2015
How much harder gold has become to afford
The gold price rose 3 times between 2015 and 2025. In the median country, 10 grams took 2.3 times as many days of income by 2025. Where a currency fell hard against the dollar, the jump was bigger.
Country lookup
Look up any country
Pick a country to see every year from 2015 to 2025, and copy its figures for your story.
Local prices
The price of 10 grams in local currency
The world price converted at each country's official average exchange rate for the year. Shop prices are higher once duty, tax and making charges are added.
| Country | Currency | 10 g, 2015 | 10 g, 2025 | Change |
|---|---|---|---|---|
| Algeria | DZD | 37,577 | 145,618 | 3.9x |
| Argentina 2015 at the official rate, which was well below the parallel-market rate at the time | ARS | 3,446 | 1,372,962 | 398.4x |
| Australia | AUD | 497 | 1,717 | 3.5x |
| Bangladesh | BDT | 29,089 | 134,901 | 4.6x |
| Brazil | BRL | 1,242 | 6,182 | 5.0x |
| Cambodia | KHR | 1,518,043 | 4,440,735 | 2.9x |
| Canada | CAD | 477 | 1,547 | 3.2x |
| China | CNY | 2,324 | 7,955 | 3.4x |
| Colombia | COP | 1,023,205 | 4,484,665 | 4.4x |
| Egypt | EGP | 2,870 | 54,469 | 19.0x |
| France | EUR | 336 | 979 | 2.9x |
| Germany | EUR | 336 | 979 | 2.9x |
| Ghana | GHS | 1,386 | 13,894 | 10.0x |
| Hong Kong | HKD | 2,893 | 8,627 | 3.0x |
| India | INR | 23,941 | 96,438 | 4.0x |
| Indonesia | IDR | 4,996,792 | 18,232,230 | 3.6x |
| Iraq | IQD | 435,637 | 1,438,408 | 3.3x |
| Italy | EUR | 336 | 979 | 2.9x |
| Japan | JPY | 45,172 | 165,592 | 3.7x |
| Kenya | KES | 36,639 | 143,069 | 3.9x |
| Malaysia | MYR | 1,457 | 4,741 | 3.3x |
| Mexico | MXN | 5,914 | 21,286 | 3.6x |
| Morocco | MAD | 3,644 | 10,346 | 2.8x |
| Nepal | NPR | 38,217 | 153,927 | 4.0x |
| Nigeria | NGN | 71,817 | 1,680,040 | 23.4x |
| Pakistan | PKR | 38,352 | 311,076 | 8.1x |
| Philippines | PHP | 16,981 | 63,628 | 3.7x |
| Qatar | QAR | 1,358 | 4,028 | 3.0x |
| Russia | RUB | 22,741 | 92,559 | 4.1x |
| Saudi Arabia | SAR | 1,399 | 4,149 | 3.0x |
| Singapore | SGD | 513 | 1,447 | 2.8x |
| South Africa | ZAR | 4,762 | 19,793 | 4.2x |
| South Korea | KRW | 422,060 | 1,573,885 | 3.7x |
| Spain | EUR | 336 | 979 | 2.9x |
| Sri Lanka | LKR | 50,700 | 332,883 | 6.6x |
| Thailand | THB | 12,781 | 36,384 | 2.8x |
| Türkiye | TRY | 1,015 | 43,655 | 43.0x |
| Uganda | UGX | 1,209,376 | 3,986,593 | 3.3x |
| United Kingdom | GBP | 244 | 840 | 3.4x |
| United States | USD | 373 | 1,106 | 3.0x |
Exchange rates: World Bank official exchange rate (LCU per US$, period average). Euro-area countries share one euro price.
Full table
All 44 countries
Filter by region. "Grams a month" is how much gold one month of average income bought at the 2025 price.
| Country | Region | Days, 2015 | Days, 2020 | Days, 2025 | Change | Grams a month | At Sep 2026 price |
|---|---|---|---|---|---|---|---|
| Ethiopia | Sub-Saharan Africa | 239 | 253.3 | 363.8 | 1.5x | 0.8 | 456.6 |
| Uganda | Sub-Saharan Africa | 160.3 | 253.3 | 360.6 | 2.2x | 0.8 | 452.5 |
| Tanzania | Sub-Saharan Africa | 140.4 | 196 | 318 | 2.3x | 1 | 399.1 |
| Myanmar | Asia | 110.7 | 157.4 | 306 | 2.8x | 1 | 384 |
| Nigeria | Sub-Saharan Africa | 49.4 | 84.4 | 297 | 6x | 1 | 372.7 |
| Pakistan | Asia | 106.4 | 151.6 | 269.2 | 2.5x | 1.1 | 337.9 |
| Nepal | Asia | 156.6 | 174.6 | 257.2 | 1.6x | 1.2 | 322.8 |
| Kenya | Sub-Saharan Africa | 103.2 | 108.8 | 183.6 | 1.8x | 1.7 | 230.4 |
| Ghana | Sub-Saharan Africa | 72.5 | 98 | 153.6 | 2.1x | 2 | 192.7 |
| Cambodia | Asia | 95.3 | 101.3 | 146.9 | 1.5x | 2.1 | 184.3 |
| India | Asia | 86.2 | 109.3 | 146.3 | 1.7x | 2.1 | 183.6 |
| Bangladesh | Asia | 113.5 | 89.5 | 142.2 | 1.3x | 2.1 | 178.5 |
| Egypt | Middle East & North Africa | 43.9 | 70.2 | 123.9 | 2.8x | 2.5 | 155.5 |
| Morocco | Middle East & North Africa | 41.3 | 63.7 | 92.6 | 2.2x | 3.3 | 116.2 |
| Sri Lanka | Asia | 34.7 | 53.5 | 86.5 | 2.5x | 3.5 | 108.5 |
| Philippines | Asia | 41.5 | 62 | 83.3 | 2x | 3.7 | 104.5 |
| Vietnam | Asia | 55.4 | 61.1 | 81.3 | 1.5x | 3.7 | 102 |
| Indonesia | Asia | 40.2 | 54 | 78.9 | 2x | 3.9 | 99 |
| Iraq | Middle East & North Africa | 24.9 | 44 | 71 | 2.9x | 4.3 | 89.1 |
| Algeria | Middle East & North Africa | 25.3 | 51.7 | 69 | 2.7x | 4.4 | 86.6 |
| South Africa | Sub-Saharan Africa | 21.1 | 35 | 64.4 | 3.1x | 4.7 | 80.8 |
| Thailand | Asia | 24.5 | 30.1 | 52.5 | 2.1x | 5.8 | 65.9 |
| Colombia | Americas | 18.4 | 35.5 | 51.1 | 2.8x | 5.9 | 64.2 |
| Brazil | Americas | 13.2 | 25.7 | 38.3 | 2.9x | 7.9 | 48 |
| Malaysia | Asia | 13.2 | 20.5 | 32.6 | 2.5x | 9.3 | 40.9 |
| Mexico | Americas | 12.9 | 23.3 | 29.4 | 2.3x | 10.3 | 36.9 |
| China | Asia | 16.9 | 19.3 | 28.4 | 1.7x | 10.7 | 35.6 |
| Argentina | Americas | 10.9 | 23 | 27.6 | 2.5x | 11 | 34.6 |
| Russia | Europe | 11.6 | 19.5 | 25.3 | 2.2x | 12 | 31.8 |
| Türkiye | Middle East & North Africa | 11.3 | 22.3 | 24.8 | 2.2x | 12.3 | 31.1 |
| Saudi Arabia | Middle East & North Africa | 5.1 | 7.7 | 11.2 | 2.2x | 27.2 | 14.1 |
| Spain | Europe | 4.7 | 7.6 | 10.9 | 2.3x | 28 | 13.7 |
| South Korea | Asia | 4.5 | 5.9 | 10.7 | 2.4x | 28.5 | 13.4 |
| Japan | Asia | 3.4 | 5 | 10.5 | 3.1x | 28.9 | 13.2 |
| Italy | Europe | 4.1 | 6.4 | 9.6 | 2.3x | 31.7 | 12 |
| France | Europe | 3.3 | 5.2 | 8.3 | 2.5x | 36.6 | 10.4 |
| United Kingdom | Europe | 3.1 | 5.3 | 7.4 | 2.4x | 41.1 | 9.3 |
| Canada | Americas | 2.9 | 4.7 | 7.2 | 2.5x | 42.5 | 9 |
| Germany | Europe | 2.9 | 4.3 | 6.7 | 2.3x | 45.3 | 8.4 |
| Hong Kong | Asia | 3.3 | 4.3 | 6.5 | 2x | 47.1 | 8.1 |
| Australia | Oceania | 2.2 | 3.9 | 6.3 | 2.9x | 48.3 | 7.9 |
| Qatar | Middle East & North Africa | 1.7 | 3.6 | 5.4 | 3.2x | 56 | 6.8 |
| Singapore | Asia | 2.6 | 3.7 | 4.9 | 1.9x | 61.6 | 6.2 |
| United States | Americas | 2.4 | 3.2 | 4.5 | 1.9x | 66.9 | 5.7 |
Income is GNI per capita, Atlas method, current US dollars. It is an average across everyone, not a typical wage. Every year from 2015 to 2025 is in the CSV.
Calculator
Gold then and now
Pick a year and an amount in US dollars. The calculator shows how much gold that bought at the year's average world price, and what the same gold is worth at the latest monthly average.
Prices: World Bank annual averages of monthly world gold prices; latest is the Sep 2026 monthly average ($4,319/oz). Ignores dealer margins, tax and storage. Past prices do not predict future prices.
Method
How the index is built
Gold price
The average of the World Bank's twelve monthly world gold prices for each year (Commodity Price Data, the "Pink Sheet"), from $1,160.75 an ounce in 2015 to $3,441.5 in 2025.
Income
The World Bank's GNI per capita, Atlas method, in current US dollars (NY.GNP.PCAP.CD), divided by 365 for one day of average income.
Local prices
The US-dollar price of 10 grams times the World Bank's official average exchange rate for the year (PA.NUS.FCRF).
Limits
World prices, not shop prices; average incomes, not typical ones; everything in US dollars, so a falling currency raises a country's figure. Left out: the UAE and Kuwait (no 2025 income figure), Iran (several exchange rates) and Taiwan (not in the World Bank data).
Cite this page
Free to use, including commercially, with a credit to FX Recap and a link to this page (CC BY 4.0). Please also credit the World Bank as the source of the underlying data.
FX Recap, "Gold Affordability Index 2026", 30 October 2026, https://fxrecap.com/gold-affordability-indexMedia enquiries
Jowel RanaForex Trader, FX Recappress@fxrecap.com · other countries or years on request
More for journalists in our press room. Daily gold analysis: gold today.
FAQs
Gold affordability: common questions
How is the gold affordability index calculated?
We take the World Bank's average world gold price for each year, work out the cost of 10 grams (one troy ounce is 31.1 grams), and divide it by one day of average income: the World Bank's GNI per capita for that country and year, divided by 365.
Is this the price people pay in shops?
No. It uses the world price. Shoppers in India, Pakistan or Bangladesh also pay import duty, tax and the jeweller's making charge, so the real local cost is usually higher than the index shows.
Why are local prices missing for some countries?
We only show a local price where the World Bank publishes an official 2025 exchange rate. Ethiopia, Tanzania, Myanmar and Vietnam have no 2025 rate in the data yet, so they show days of income only.
Why did Nigeria's figure jump so much?
Two things happened at once: the gold price roughly tripled, and the naira fell sharply against the dollar, which more than halved Nigeria's income per person when measured in US dollars.
Is gold a good investment because it rose so much?
This page does not say so. Past price rises tell you nothing certain about the future, and gold can fall hard: the World Bank's monthly average went from $5,020 in Feb 2026 to $4,073 in July 2026.
Risk warning. Gold prices can fall as well as rise, and trading gold with leverage can lose money quickly. This page is information, not financial advice.