Gold Price in NOK

Norway is a fairly small Scandinavian country bordering Sweden. Its wide range of geologically different areas allows it to maintain a varied, yet somewhat vulnerable, economy, plenty of nature-based activities, and tourism opportunities that aren't available elsewhere. Notably, the country's rich Viking history is preserved along with 9th-century ships, artifacts of Vikings, and tourist trips through its historical fjords. 

Norway's Economy

Norway was once considered Sweden's poor cousin as it lagged behind both Sweden and Denmark by nearly 20% in overall wealth. However, it is now one of the richest countries on the planet, and it has surpassed both of its Scandinavian neighbors in terms of GDP growth and overall wealth. 

This is largely due to the discovery of Norway's massive oil deposits. As of the time of this writing, Norway holds the world's largest sovereign wealth deposit of oil, and it makes up more than 20% of the country's economy. 

The rest of Norway's economy is divided between fish exports, hydropower, natural gas development, and mineral mines. 

This allows the economy, and the wealth of Norway's citizens, to raise at a consistent rate each year. However, it also leaves the country's economy vulnerable to changing business trends around the globe. This may make long-term investments a bit riskier than they are in countries that aren't as vulnerable to global market trends, but Norway doesn't show any signs of slowing its annual 1.2% GDP growth despite its inherent vulnerabilities.  

Norway's Currency

Norway began circulating the NOK, or Norwegian Krone, in 1875. For over a century, the NOK was one of the weakest forms of currency in Europe, and it struggled to strengthen against the Euro. This has led to it having a reputation as a weak currency that doesn't hold its value well. 

However, that has incrementally changed since Norway's economy began to boom, and it is now rivaling the Euro as well as the Swedish SEK. This strengthening has been consistent over the last decade, and just like Norway's economy, it doesn't show any signs of weakening. It's one of the preferred short-term investments for currency investors. Unfortunately, long-term investors have shown hesitancy due to the NOK's long history of losing its value. 

​​​​​​​Buying Gold in NOK

Gold is a great investment in Norway due to its staying power and ability to diversify one's investment portfolio. However, it lacks the industrial and tech manufacturing demand of other countries, and its value is heavily based on the global market. 

When purchasing gold in NOK, the price will be listed per ounce, gram, or kilo, and it's important to take a more proactive approach if you're looking to maximize your ROI. This may include sideways investing, paying attention to the upwards and downwards swings in price, and focusing on more easily moved forms of gold such as bullion coins. 

However, Norway's central bank, the system in charge of distributing all Kroner, is known for buying large amounts of gold to help stabilize and strengthen the value of the NOK. So, there's an easy selling option available despite the lack of commercial demand for gold in Norway. Norge Bank, the Central Bank of Norway, holds approximately 37 tonnes of gold bars and coins in reserve.