In 1922, gold averaged $21 an ounce — about $397 in today's money. That was up 0.0% on the year in nominal terms (+6.7% after inflation). These were the turbulent interwar decades — war finance, the Depression, and the 1933–34 devaluation reshaped the monetary order, even as the official US price was pinned first at $20.67 and then at $35.
To see 1922 in the full sweep of the gold price, explore the 768-year ribbon, or find out what a 1922 gold investment would be worth today on the gold calculator.