In 2023, the global gold production landscape was dominated by three key players: China, Australia, and Russia. Together, these countries contributed significantly to the world’s total gold output. China led the charge, producing 370 metric tons, accounting for over 12% of the global total. Australia and Russia followed closely, each producing 310 metric tons. This article delves into the intricate details of gold production across these top-producing nations, examining the key mines, companies, and economic impacts involved.
China’s Dominance in Gold Production
China has been the world leader in gold production for several years. In 2023, China maintained its top position by producing 370 metric tons of gold. This substantial output is primarily concentrated in the eastern provinces such as Shandong, Henan, Fujian, and Liaoning. The country’s gold mine reserves were estimated at 3,000 tonnes at the start of 2024, representing approximately 5% of the global total of 59,000 tonnes.
Key players in China’s gold industry include state-owned enterprises such as China Gold International Resources, Shandong Gold, and Zijin Mining Group. These companies not only dominate domestic production but also actively participate in global gold exploration and development projects, particularly under China’s Belt and Road Initiative.
In addition to its production capabilities, China emerged as the largest buyer of gold in 2023. The Chinese central bank alone purchased 225 tonnes of gold, reflecting the country’s strategic move to bolster its reserves amid global economic uncertainties.
Australia’s Gold Mining Industry
Australia’s gold production in 2023 reached 310 metric tons, maintaining its position as the second-largest producer globally. The country is home to the largest gold reserves in the world, totaling 12,000 tons. The Western Australian region, particularly the Boddington mine operated by Newmont Corporation, is the epicenter of gold production in the country. This mine alone produced 589,000 ounces of gold in the first three quarters of 2023.
The gold mining industry in Australia significantly contributes to the national economy. During the 2022-2023 period, it added $24 billion to the Australian economy. Companies like Newmont Corporation and local entities play crucial roles in sustaining and expanding gold production capabilities.
Russia’s Gold Production Amid Geopolitical Tensions
Russia, with a production of 310 metric tons in 2023, tied with Australia as the second-largest gold producer. The country’s gold reserves are second only to Australia, estimated at 11,000 tons. Major contributors to Russia’s gold output include large mining operations such as Polyus and Polymetal International.
The ongoing Russia-Ukraine conflict has posed challenges for Russian gold sales, leading the country to seek alternative markets. There has been a significant shift towards BRICS countries and other Asian markets, including Kazakhstan, as new avenues for Russian gold.
North America’s Contributions: Canada and the United States
Canada
Canada’s gold production in 2023 stood at 200 metric tons, marking a slight decrease from the previous year. The majority of this production comes from the provinces of Ontario and Quebec, which together account for over 70% of the country’s output. The Golden Triangle in British Columbia has also become a hotspot for gold exploration, with significant discoveries by companies such as Goliath Resources.
Gold remains Canada’s most valuable mining commodity, with exports totaling $22.34 billion in 2022. The country’s estimated gold reserves are significant, bolstered by ongoing exploration and development activities.
United States
The United States produced 170 metric tons of gold in 2023, continuing a trend of declining production from a peak of 237 tons in 2017. Nevada is the largest gold-producing state, contributing 73% of the national output. The estimated undiscovered gold resources in the U.S. amount to approximately 33,000 tons, highlighting significant potential for future exploration and production.
Emerging and Established Gold Producers
Kazakhstan
Kazakhstan’s gold production has seen a steady increase over the years, reaching 130 metric tons in 2023. The country’s largest gold mine, Altyntau Kokshetau, is owned by Glencore. Despite geopolitical tensions and economic challenges, Kazakhstan continues to bolster its gold production capabilities.
Mexico
Mexico produced 120 metric tons of gold in 2023, with a rich history of gold mining. The Herradura mine, owned by Fresnillo, is a major contributor, producing 355,485 ounces of gold in 2023. Gold mining remains a crucial sector for Mexico’s economy, with foreign companies playing significant roles in production and exploration.
Indonesia
Indonesia’s gold production reached 110 metric tons in 2023, with the Grasberg Mining District being the largest gold mine. This joint venture between Freeport-McMoRan and Indonesia Asahan Aluminium produced 1.98 million troy ounces of gold in 2023, highlighting Indonesia’s importance in the global gold market.
South Africa
South Africa saw an increase in gold production from 89 tons in 2022 to 100 tons in 2023. Despite historical declines, the country remains a key player due to its significant gold reserves and the Witwatersrand Basin, one of the largest gold resource areas globally. However, the mining industry faces challenges such as labor strikes and power shortages.
Uzbekistan
Uzbekistan maintained stable gold production at 100 metric tons in 2023. The Muruntau mine, operated by the Navoi Mining and Metallurgical Company, is one of the largest gold mines globally, with significant annual production and reserves. Upgrades to the Muruntau mine are expected to boost production further in the coming years.
Global Gold Consumption and Market Trends
In 2023, the majority of gold produced was utilized in jewelry production, which accounted for 46% of global consumption. Central banks and institutions were significant buyers, holding 23% of the gold. Physical bars and coins represented 16% and 9% of consumption, respectively, while the remaining 6% was used in electronics and other applications.
The global gold market has been influenced by various geopolitical tensions, including conflicts in Ukraine and the Middle East, as well as economic uncertainties in major economies like the United States. Despite high gold prices, Western investors have been cautious, with substantial support coming from central bank purchases in countries like Turkey, China, and India.
Here is the detailed scheme table with updated information as of today, including analytical data for the world’s top gold producers in 2023:
| Country | Region | 2023 Production (tonnes) | Major Mines and Companies | Reserves (tonnes) | Key Buyers/Consumers | Economic Impact | Challenges |
|---|---|---|---|---|---|---|---|
| China | Asia | 370 | Shandong Gold, Zijin Mining, China Gold International Resources. Major mines in Shandong, Henan, Fujian, Liaoning | 3,000 | Central bank (225 tonnes in 2023), jewelry market | Largest gold buyer, significant state involvement, part of Belt and Road Initiative, central bank purchases | Geopolitical tensions, environmental regulations, need for new technologies |
| Australia | Oceania | 310 | Newmont Corporation (Boddington mine), Evolution Mining, Northern Star Resources | 12,000 | Jewelry market, investment sector | $24 billion contribution to economy (2022-2023), large reserve base, technological advancements | Environmental concerns, labor issues, fluctuating gold prices |
| Russia | Europe | 310 | Polyus, Polymetal International, multiple mines across Siberia and Far East | 11,000 | BRICS countries, Asian markets (due to geopolitical shifts) | Increased production since 2017, significant reserves, strategic market shifts | Sanctions, market access limitations due to geopolitical tensions, need for diversification |
| Canada | North America | 200 | Barrick Gold, Agnico Eagle, Goldcorp. Key regions: Ontario, Quebec, British Columbia (Golden Triangle) | 2,300 | Export markets, primarily the U.S. and Europe | $22.34 billion in exports (2022), major role of Ontario and Quebec in production, exploration activities in British Columbia | Regulatory changes, environmental impact, fluctuating commodity prices |
| United States | North America | 170 | Newmont Goldcorp, Barrick Gold, Kinross Gold. Major mines in Nevada, Alaska | 3,000 | Jewelry market, investment sector, central bank reserves | Significant production from Nevada (73%), estimated undiscovered resources (33,000 tonnes) | Declining production, environmental regulations, mining costs, need for technological advancements |
| Kazakhstan | Asia | 130 | Altyntau Kokshetau (Glencore), Kazzinc (subsidiary of Glencore) | 1,000 | Export markets in Asia and Europe | Increased production since 2016, major reserves, strategic location | Geopolitical risks, dependency on international markets, operational challenges |
| Mexico | North America | 120 | Fresnillo (Herradura mine), Newmont Goldcorp, Agnico Eagle | 1,400 | Jewelry market, export markets | Long history of gold mining, significant contribution to national economy, major role of foreign companies in production | Regulatory challenges, environmental impact, dependency on foreign companies |
| Indonesia | Asia | 110 | Freeport-McMoRan (Grasberg Mining District), Indonesia Asahan Aluminium | 2,600 | Domestic and export markets | Major producer, significant reserves, joint ventures with international companies | Regulatory changes, environmental concerns, need for infrastructure improvements |
| South Africa | Africa | 100 | AngloGold Ashanti, Sibanye Stillwater, Harmony Gold. Key regions: Witwatersrand Basin | 5,000 | Jewelry market, export markets, investment sector | Historical leader in gold production, large reserves, significant role in global market | Labor strikes, power shortages, aging infrastructure, regulatory and environmental challenges |
| Uzbekistan | Asia | 100 | Navoi Mining and Metallurgical Company (Muruntau mine) | 4,500 | Export markets, primarily to China and Russia | Stable production, significant reserves, ongoing upgrades to Muruntau mine expected to boost production | Geopolitical risks, dependency on key markets, need for modernization and technological improvements |
| Ghana | Africa | 90 | Newmont Goldcorp, Gold Fields, AngloGold Ashanti | 1,000 | Export markets, jewelry market | Major producer in Africa, significant economic contribution, exploration and development activities | Regulatory changes, environmental concerns, dependency on foreign companies |
| Peru | South America | 90 | Barrick Gold, Newmont Goldcorp, Buenaventura. Major mines: Yanacocha, Lagunas Norte | 2,500 | Export markets, primarily the U.S. and Europe | Historical mining industry, significant reserves, major role in national economy | Social conflicts, regulatory challenges, environmental impact |
| Brazil | South America | 60 | Vale, AngloGold Ashanti, Yamana Gold | 2,400 | Jewelry market, export markets | Significant gold producer, major reserves, contribution to national economy | Environmental regulations, operational challenges, need for infrastructure improvements |
| Burkina Faso | Africa | 60 | IAMGOLD, Endeavour Mining, Roxgold | 1,000 | Export markets, jewelry market | Growing gold industry, significant exploration activities, major economic contributor | Political instability, security issues, regulatory changes |
| Mali | Africa | 60 | Barrick Gold, AngloGold Ashanti, Resolute Mining | 800 | Export markets, jewelry market | Major producer in Africa, significant exploration and development activities | Political instability, security concerns, regulatory and environmental challenges |
| Tanzania | Africa | 60 | Barrick Gold, AngloGold Ashanti, Shanta Gold | 1,200 | Export markets, jewelry market | Growing gold industry, major economic contributor, significant exploration and development activities | Regulatory changes, environmental concerns, need for infrastructure improvements |
| Rest of World | – | 700 | Various | – | Various | Various | Various |
Analytical Insights
Production Trends and Future Outlook
The global gold production landscape in 2023 was influenced by several factors, including geopolitical tensions, economic uncertainties, and fluctuating gold prices. High gold prices, reaching record highs above $2,400 in May, prompted increased investment and output across many of the leading gold-producing countries.
Despite these challenges, the medium-term outlook for global gold production remains positive. According to Fitch Solutions, global gold mine production is expected to grow by 15% from 2023 to 2032, driven by high prices encouraging investment and the development of new mining projects.
Geopolitical and Economic Impacts
Geopolitical tensions, particularly the Russia-Ukraine conflict and tensions in the Middle East, have significantly impacted gold markets. These events have led to increased gold purchases by central banks in countries like Turkey, China, and India, providing strong support for gold prices.
In the United States, economic uncertainties ahead of the November election have also influenced the gold market. Despite high prices, Western investors have remained cautious, preferring to observe market trends before making significant investments.
Technological Advancements and Environmental Considerations
Technological advancements in mining and refining processes continue to play a crucial role in increasing production efficiency and reducing environmental impacts. Countries like Australia and Canada are leading in implementing new technologies to enhance their gold production capabilities.
Environmental considerations remain a significant challenge for the gold mining industry. Stricter regulations and the need for sustainable mining practices are pushing companies to adopt more environmentally friendly methods and technologies.
Market Dynamics and Consumer Behavior
Consumer behavior and market dynamics are also shaping the gold production landscape. Jewelry remains the largest consumer of gold, accounting for 46% of global consumption. Central banks and institutions are significant buyers, holding 23% of the gold, while physical bars and coins represent 16% and 9% of consumption, respectively.
In emerging markets, strong retail sales have provided additional support for gold prices. Countries like China and India have seen robust demand for gold jewelry and investment products, further influencing global gold markets.
The global gold production landscape in 2023 highlights the significant contributions of leading gold-producing countries, the impact of geopolitical and economic factors, and the ongoing challenges and opportunities in the industry. With continued investment in exploration, technological advancements, and strategic market shifts, the future of gold mining remains dynamic and integral to the global economy.
WORLD OFFICIAL GOLD HOLDINGS
The landscape of global gold holdings is a fascinating tableau that reflects the economic priorities and strategic considerations of countries around the world. As of June 2024, the data on international financial statistics reveals a complex picture of gold reserves held by various nations and institutions. This article delves into the details of these holdings, examining the figures, trends, and implications in an analytical manner, supplemented with the latest updates and data available as of today.
The United States continues to dominate the global gold holdings, with a staggering 8,133.5 tonnes, accounting for 72.3% of its reserves as of April 2024. This substantial reserve underscores the country’s strategic emphasis on gold as a hedge against economic uncertainty and a stabilizing asset in its monetary policy framework. Germany follows with 3,351.9 tonnes, making up 71.6% of its reserves, reflecting its strong economic position within the Eurozone and the importance it places on gold for financial stability.
The International Monetary Fund (IMF) holds 2,814 tonnes, a significant figure considering its role in global economic stability and monetary cooperation. Italy and France, with 2,451.8 and 2,437 tonnes respectively, also feature prominently, each holding over 68% of their reserves in gold. This strong presence of European countries among the top holders highlights the continent’s historical reliance on gold and its continued relevance in their economic strategies.
The Russian Federation, with 2,335.9 tonnes, represents a strategic shift towards gold as a means of diversifying reserves and reducing dependence on foreign currencies, particularly the US dollar. This is part of a broader trend among several countries to increase their gold reserves in response to geopolitical tensions and economic sanctions.
China, with 2,264.3 tonnes, holds only 4.9% of its reserves in gold, indicating a more diversified reserve strategy that includes significant holdings of foreign exchange. Switzerland, known for its financial stability and banking sector, holds 1,040 tonnes, which is 8.7% of its reserves.
Japan and India, two major economies in Asia, hold 846 and 827.7 tonnes respectively. Japan’s gold reserves constitute 4.9% of its total reserves, while India’s holdings account for 9.5%. These figures reflect the different economic strategies and the historical context of gold usage in these countries.
The Netherlands, with 612.5 tonnes, and Turkey, with 578.2 tonnes, also make significant appearances. Turkey’s gold holdings, which form 39.4% of its reserves, have been part of its strategy to bolster economic security amidst regional instability and economic challenges.
The European Central Bank (ECB) holds 506.5 tonnes, representing 36.9% of its reserves. This highlights the ECB’s role in managing the Eurozone’s monetary policy and the importance of gold in its reserve assets.
Taiwan Province of China holds 422.4 tonnes, and Portugal’s reserves stand at 382.6 tonnes, with the latter having a high gold-to-reserves ratio of 74.3%. Poland, with 363.4 tonnes, has been increasing its gold reserves in recent years, reflecting a strategic move to enhance financial stability.
Uzbekistan’s reserves of 356.4 tonnes, which account for 75.5% of its total reserves, highlight its reliance on gold amidst regional economic dynamics. Saudi Arabia, with 323.1 tonnes, and Kazakhstan, with 316.5 tonnes, also feature prominently, each maintaining significant portions of their reserves in gold.
The United Kingdom, with 310.3 tonnes, represents 13.5% of its reserves. This reflects the UK’s balanced approach to reserve management amidst the complexities of Brexit and its economic repercussions. Lebanon, with 286.8 tonnes, has one of the highest gold-to-reserve ratios at 59.6%, underscoring its reliance on gold for economic stability.
Spain holds 281.6 tonnes, constituting 20.2% of its reserves. Austria’s reserves of 280 tonnes, making up 63.2% of its total reserves, reflect its strategic emphasis on gold within its financial system. Singapore, with 240.8 tonnes, and Thailand, with 234.5 tonnes, have smaller but significant reserves that form important parts of their overall economic strategies.
Belgium’s 227.4 tonnes, representing 39.9% of its reserves, highlight its traditional reliance on gold. Algeria and Venezuela, with 173.6 and 161.2 tonnes respectively, have high gold-to-reserve ratios, particularly Venezuela at 86.1%, reflecting economic policies amidst political and economic turmoil.
Libya, the Philippines, Iraq, and Brazil, each holding between 126 and 146.7 tonnes, showcase diverse approaches to gold reserves based on their unique economic circumstances and strategic priorities. Egypt, with 126.5 tonnes, and South Africa, with 125.4 tonnes, also feature prominently, each reflecting regional economic dynamics and historical contexts.
Mexico, Greece, and the Republic of Korea, with reserves ranging from 104.4 to 120.4 tonnes, represent diverse economic strategies and the importance of gold in their financial systems. Romania, Qatar, and the Bank for International Settlements (BIS), with similar holdings, further underscore the varied importance of gold across different financial institutions.
Hungary, Australia, and Kuwait, with reserves ranging from 79 to 94.5 tonnes, reflect strategic decisions to hold gold as part of their economic policies. Indonesia and the United Arab Emirates, with 78.6 and 73.9 tonnes respectively, highlight regional approaches to gold reserves.
Denmark, Jordan, and Pakistan, with reserves in the range of 64.7 to 66.5 tonnes, showcase diverse strategies in holding gold as a stabilizing asset. Argentina, with 61.7 tonnes, reflects its economic policies amidst financial challenges.
Among smaller holders, Belarus, Finland, and Cambodia, with reserves ranging from 42.5 to 54 tonnes, demonstrate regional variations in gold holdings. Bulgaria, Serbia, Malaysia, and the Czech Republic, with similar holdings, further reflect the diverse approaches to gold reserves.
The West African Economic and Monetary Union (WAEMU), Peru, and the Slovak Republic, with reserves in the range of 31.7 to 36.5 tonnes, highlight the role of regional and economic unions in managing gold reserves. Ukraine and Ecuador, with reserves of 27.1 and 26.3 tonnes respectively, reflect strategic decisions amidst economic challenges.
Countries with smaller reserves, such as the Syrian Arab Republic, Kyrgyz Republic, and Bolivia, demonstrate unique economic strategies in holding gold. Morocco, Afghanistan, Nigeria, and Bangladesh, with reserves ranging from 14.3 to 22.1 tonnes, further highlight the varied importance of gold across different regions.
Other countries with modest reserves include Cyprus, Curaçao and Sint Maarten, Mauritius, and Ireland. These nations hold between 12 and 13.9 tonnes, reflecting their specific economic policies and strategic priorities.
Ghana, Paraguay, and Nepal, with reserves ranging from 8 to 8.7 tonnes, showcase regional approaches to gold reserves. Myanmar, North Macedonia, Guatemala, and Tunisia, with reserves between 6.8 and 7.3 tonnes, further demonstrate the diversity in gold holdings across different economies.
Mongolia, Oman, Latvia, and Lithuania, with reserves ranging from 5.8 to 6.8 tonnes, highlight regional strategies in holding gold as part of their financial systems. The Central African Economic and Monetary Community (BEAC), Colombia, and Bahrain, with reserves around 4.7 tonnes, reflect the importance of gold in their economic frameworks.
Smaller holders, such as Brunei Darussalam, Mozambique, Albania, and Slovenia, with reserves ranging from 3.2 to 4.5 tonnes, demonstrate regional variations in gold holdings. Aruba, Luxembourg, and Hong Kong SAR, with reserves between 2.1 and 3.1 tonnes, further reflect diverse approaches to gold reserves.
Countries with the smallest reserves include Iceland, Trinidad and Tobago, Yemen, Bosnia and Herzegovina, Papua New Guinea, and Suriname. These nations hold between 1.2 and 2 tonnes, showcasing minimal but significant gold holdings as part of their economic policies.
In total, the world’s gold reserves stand at 36,004.2 tonnes, with various countries and institutions holding significant portions as part of their financial strategies. The Euro Area, including the ECB, holds a combined total of 10,771 tonnes, reflecting the importance of gold within the Eurozone’s financial framework. The State Oil Fund of the Republic of Azerbaijan (SOFAZ) holds 104.8 tonnes, highlighting the strategic use of gold within national wealth funds.
These figures, while comprehensive, are constantly evolving as countries adjust their gold reserves in response to economic conditions, geopolitical events, and financial policies. The dynamics of gold holdings continue to be a critical aspect of global financial stability and economic strategy.
| WORLD OFFICIAL GOLD HOLDINGS | |||||||||
| International Financial Statistics, June 2024* | |||||||||
| Tonnes | % of reserves** | Holdings as of | Tonnes | % of reserves** | Holdings as of | ||||
| 1 | United States | 8.133,5 | 72,3% | Apr 2024 | 51 | Belarus, Rep. of4) | 54,0 | 47,1% | Mar 2024 |
| 2 | Germany | 3.351,9 | 71,6% | Apr 2024 | 52 | Finland | 49,0 | 21,2% | Apr 2024 |
| 3 | IMF | 2.814,0 | 1) | Apr 2024 | 53 | Cambodia | 42,5 | 16,4% | Jul 2023 |
| 4 | Italy | 2.451,8 | 68,6% | Apr 2024 | 54 | Bulgaria | 40,9 | 7,5% | Apr 2024 |
| 5 | France | 2.437,0 | 69,8% | Apr 2024 | 55 | Serbia, Rep. of | 40,7 | 11,2% | Mar 2024 |
| 6 | Russian Federation | 2.335,9 | 29,1% | Apr 2024 | 56 | Malaysia | 38,9 | 2,6% | Apr 2024 |
| 7 | China, P.R.: Mainland | 2.264,3 | 4,9% | Apr 2024 | 57 | Czech Rep. | 37,2 | 1,9% | Apr 2024 |
| 8 | Switzerland | 1.040,0 | 8,7% | Mar 2024 | 58 | WAEMU3) | 36,5 | 18,0% | Mar 2024 |
| 9 | Japan | 846,0 | 4,9% | Apr 2024 | 59 | Peru | 34,7 | 3,6% | Jul 2021 |
| 10 | India | 827,7 | 9,5% | Apr 2024 | 60 | Slovak Rep. | 31,7 | 18,1% | Apr 2024 |
| 11 | Netherlands, The | 612,5 | 61,7% | Apr 2024 | 61 | Ukraine | 27,1 | 4,7% | Apr 2024 |
| 12 | Turkey5) | 578,2 | 39,4% | Nov 2022 | 62 | Ecuador | 26,3 | 36,2% | Mar 2024 |
| 13 | ECB | 506,5 | 36,9% | Apr 2024 | 63 | Syrian Arab Republic | 25,8 | 10,3% | Jun 2011 |
| 14 | Taiwan Province of China | 422,4 | 5,2% | Mar 2024 | 64 | Kyrgyz Rep. | 25,5 | 53,2% | Apr 2024 |
| 15 | Portugal | 382,6 | 74,3% | Apr 2024 | 65 | Bolivia | 23,5 | 87,9% | Dec 2023 |
| 16 | Poland, Rep. of | 363,4 | 13,1% | Apr 2024 | 66 | Morocco | 22,1 | 4,6% | Mar 2024 |
| 17 | Uzbekistan, Rep. of | 356,4 | 75,5% | Apr 2024 | 67 | Afghanistan, Islamic Rep. of | 21,9 | 16,4% | May 2021 |
| 18 | Saudi Arabia | 323,1 | 5,3% | Feb 2024 | 68 | Nigeria | 21,5 | 4,5% | Jan 2018 |
| 19 | Kazakhstan, Rep. of | 316,5 | 59,0% | Apr 2024 | 69 | Bangladesh | 14,3 | 5,3% | Mar 2024 |
| 20 | United Kingdom | 310,3 | 13,5% | Apr 2024 | 70 | Cyprus | 13,9 | 53,0% | Apr 2024 |
| 21 | Lebanon | 286,8 | 59,6% | Sep 2023 | 71 | Curaçao and Sint Maarten | 13,1 | 37,5% | Nov 2023 |
| 22 | Spain | 281,6 | 20,2% | Apr 2024 | 72 | Mauritius | 12,4 | 12,7% | Apr 2024 |
| 23 | Austria | 280,0 | 63,2% | Apr 2024 | 73 | Ireland | 12,0 | 7,1% | Apr 2024 |
| 24 | Singapore | 240,8 | 4,7% | Apr 2024 | 74 | Ghana | 8,7 | 15,5% | Jan 2024 |
| 25 | Thailand | 234,5 | 7,9% | Apr 2024 | 75 | Paraguay | 8,2 | 6,2% | Apr 2024 |
| 26 | Belgium | 227,4 | 39,9% | Apr 2024 | 76 | Nepal | 8,0 | 4,5% | Mar 2024 |
| 27 | Algeria | 173,6 | 15,5% | Apr 2024 | 77 | Myanmar | 7,3 | 6,5% | Mar 2021 |
| 28 | Venezuela, Republica Bolivariana de | 161,2 | 86,1% | Jun 2018 | 78 | North Macedonia, Republic of | 6,9 | 11,0% | Apr 2024 |
| 29 | Libya | 146,7 | 12,0% | Apr 2024 | 79 | Guatemala | 6,9 | 2,4% | Apr 2024 |
| 30 | Philippines | 145,7 | 10,4% | Mar 2024 | 80 | Tunisia | 6,8 | 6,2% | Apr 2024 |
| 31 | Iraq | 145,7 | 9,8% | Mar 2024 | 81 | Mongolia | 6,8 | 10,2% | Feb 2024 |
| 32 | Brazil | 129,7 | 2,7% | Apr 2024 | 82 | Oman | 6,7 | 2,8% | Feb 2024 |
| 33 | Egypt, Arab Rep. of | 126,5 | 24,1% | Apr 2024 | 83 | Latvia | 6,7 | 10,0% | Apr 2024 |
| 34 | Sweden | 125,7 | 15,2% | Apr 2024 | 84 | Lithuania | 5,8 | 7,8% | Apr 2024 |
| 35 | South Africa | 125,4 | 15,1% | Apr 2024 | 85 | BEAC9) | 4,7 | 1) | Apr 2024 |
| 36 | Mexico | 120,4 | 4,0% | Apr 2024 | 86 | Colombia | 4,7 | 0,6% | Mar 2024 |
| 37 | Greece | 114,5 | 59,0% | Apr 2024 | 87 | Bahrain, Kingdom of | 4,7 | 6,7% | Mar 2024 |
| 38 | Korea, Rep. of | 104,4 | 1,8% | Mar 2024 | 88 | Brunei Darussalam | 4,5 | 7,9% | Feb 2024 |
| 39 | Romania | 103,6 | 10,3% | Apr 2024 | 89 | Mozambique, Rep. of | 3,9 | 7,9% | Mar 2024 |
| 40 | Qatar | 102,5 | 14,6% | Mar 2024 | 90 | Albania | 3,4 | 4,2% | Mar 2024 |
| 41 | BIS2) | 102,0 | 1) | Feb 2024 | 91 | Slovenia, Rep. of | 3,2 | 8,9% | Apr 2024 |
| 42 | Hungary | 94,5 | 14,0% | Apr 2024 | 92 | Aruba, Kingdom of the Netherlands | 3,1 | 15,0% | Jun 2023 |
| 43 | Australia | 79,9 | 10,8% | Apr 2024 | 93 | Luxembourg | 2,2 | 5,6% | Apr 2024 |
| 44 | Kuwait | 79,0 | 11,0% | Mar 2024 | 94 | Hong Kong SAR | 2,1 | 0,0% | Mar 2024 |
| 45 | Indonesia | 78,6 | 4,1% | Mar 2024 | 95 | Iceland | 2,0 | 2,3% | Apr 2024 |
| 46 | United Arab Emirates | 73,9 | 2,8% | Feb 2024 | 96 | Trinidad and Tobago | 1,9 | 2,7% | Apr 2024 |
| 47 | Denmark | 66,5 | 4,5% | Apr 2024 | 97 | Yemen, Republic of | 1,6 | 2,2% | Jul 2014 |
| 48 | Jordan | 65,4 | 24,3% | apr 2024 | 98 | Bosnia and Herzegovina | 1,5 | 1,2% | Mar 2024 |
| 49 | Pakistan | 64,7 | 31,6% | Apr 2024 | 99 | Papua New Guinea | 1,3 | 2,6% | Jun 2020 |
| 50 | Argentina | 61,7 | 16,6% | Apr 2024 | 100 | Suriname | 1,2 | 6,6% | Mar 2024 |
| WORLD OFFICIAL GOLD HOLDINGS | |||||||||
| International Financial Statistics, June 2024* | |||||||||
| Other | Tonnes | % of reserves** | Holdings as of | ||||||
| World6) | 36.004,2 | 16,7% | Mar 2024 | ||||||
| Euro Area (incl. ECB) | 10.771,0 | 59,5% | Apr 2024 | ||||||
| State Oil Fund of the Republic of Azerbaijan (SOFAZ)8) | 104,8 | 13,2% | mar 2024 | ||||||
What will be the trend of the world gold market for 2024?
The global gold market in 2024 is poised to exhibit several intriguing trends influenced by economic, geopolitical, and technological factors. These dynamics will shape the roles of key players in the gold market, highlighting the implications for the world economy.
The price of gold has consistently demonstrated resilience amidst fluctuating economic conditions, and 2024 is expected to continue this trend. The World Gold Council reports that the first quarter of 2024 saw record-high prices, with gold averaging $2,070 per ounce, a 10% increase year-on-year. This price surge is driven by a combination of factors, including persistent demand from central banks, increased over-the-counter (OTC) investments, and robust demand from Asian markets.
Central banks have been significant players in the gold market, continually purchasing gold to diversify their reserves. In the first quarter of 2024 alone, central banks added 290 tonnes of gold to their holdings. This continued accumulation underscores gold’s importance as a strategic asset, particularly in times of economic uncertainty and geopolitical tension. Countries like Turkey, China, and India have been at the forefront of this trend, with Turkey’s central bank notably increasing its reserves by 30 tonnes during this period.
Investment demand for gold, particularly in the form of bars and coins, remains strong, driven largely by economic conditions in major markets such as China and India. In China, weakening local currency and poor performance in domestic equity markets have led to renewed interest in gold. Similarly, India’s gold demand is expected to be bolstered by economic growth and favorable monsoon conditions, despite high gold prices and election-related uncertainties.
Jewelry demand, another significant component of the gold market, has shown resilience despite high prices. This sector is particularly influenced by cultural factors and economic conditions in major markets like China and India. Technological advancements also play a role, with demand for gold in electronics and other industries expected to grow, driven by the AI boom and increased use in the automotive sector.
On the supply side, gold mine production continues to grow, with a 4% increase year-on-year in the first quarter of 2024. This growth is largely attributed to increased production in countries like Canada, China, and Ghana. Recycling of gold has also seen a significant rise, responding to higher prices and economic incentives for individuals to sell old jewelry.
Looking ahead, the economic landscape will play a crucial role in shaping gold market trends. The potential for a “soft landing” in the US economy, characterized by moderate economic growth and controlled inflation, could create a favorable environment for gold. However, the prospect of stagflation—combining stagnation with inflation—remains a concern and could further drive demand for gold as a safe-haven asset.
Geopolitical factors, such as ongoing tensions and conflicts, also significantly impact gold demand. Gold’s status as a safe-haven asset means that during periods of heightened geopolitical risk, demand typically rises, driving up prices.
In terms of market dominance, several nations are poised to play pivotal roles. China and Russia, both significant gold producers and consumers, are likely to continue their dominance. China’s extensive investment in gold production and its large consumer base position it as a major player. Similarly, Russia’s substantial gold reserves and production capabilities ensure its influence in the market.
India, with its cultural affinity for gold and growing economic power, is also a critical market. The country’s jewelry sector remains robust, and increasing urbanization and wealth are likely to sustain high levels of demand. Meanwhile, Turkey’s strategic purchases and the central banks’ continuous accumulation reflect its growing importance in the global gold market.
The implications of controlling gold production for the world economy are profound. Nations with substantial gold reserves and production capabilities can influence global gold prices, impacting international trade and economic stability. Gold’s role as a hedge against inflation and currency devaluation means that countries with significant gold holdings can better manage economic shocks and financial crises.
Moreover, control over gold production can enhance a nation’s geopolitical power. Countries with substantial gold reserves can leverage these assets in international negotiations and as part of their foreign policy strategies. This strategic use of gold can provide economic security and strengthen a country’s position on the global stage.
In conclusion, the gold market in 2024 is expected to be shaped by a confluence of economic, geopolitical, and technological factors. Major players like China, India, and Russia will continue to dominate, leveraging their production capabilities and consumption demands. For the global economy, control over gold production means enhanced stability, economic security, and geopolitical influence. As we navigate the complexities of the 21st century, gold remains a vital asset, reflecting its enduring value and strategic importance.
APPENDIX 1 – Consumer demand in selected countries (Tonnes)
| Consumer demand in selected countries (Tonnes) | ||||||||||||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Year-on-year % change | ||
| India | 1.001,7 | 974,0 | 914,2 | 958,6 | 833,5 | 857,2 | 666,1 | 771,2 | 760,4 | 690,4 | 446,4 | 797,3 | 774,1 | 761,0 | ▼ | -2 |
| Pakistan | 33,8 | 39,9 | 39,4 | 44,2 | 35,8 | 37,6 | 42,2 | 44,9 | 40,2 | 38,0 | 28,8 | 41,2 | 44,3 | 43,0 | ▼ | -3 |
| Sri Lanka | 0,0 | 0,0 | 0,0 | 0,0 | 9,1 | 10,7 | 10,5 | 11,2 | 9,6 | 7,9 | 4,3 | 4,1 | 3,9 | 10,5 | ▲ | 168 |
| Greater China | 676,3 | 873,0 | 918,3 | 1.449,8 | 1.083,7 | 1.062,2 | 985,0 | 1.029,7 | 1.058,4 | 899,5 | 641,3 | 993,7 | 824,9 | 959,1 | ▲ | 16 |
| China, P.R.: Mainland | 645,7 | 816,3 | 856,3 | 1.345,5 | 1.005,3 | 995,5 | 929,4 | 971,6 | 994,3 | 849,1 | 612,7 | 958,8 | 789,0 | 909,7 | ▲ | 15 |
| Hong Kong SAR | 24,2 | 43,8 | 49,7 | 85,5 | 61,4 | 52,8 | 42,9 | 46,0 | 52,1 | 39,6 | 17,8 | 24,6 | 24,5 | 38,6 | ▲ | 57 |
| Taiwan Province of China | 6,3 | 13,0 | 12,4 | 18,8 | 17,0 | 13,8 | 12,8 | 12,2 | 11,9 | 10,8 | 10,8 | 10,2 | 11,4 | 10,8 | ▼ | -5 |
| Japan | -19,1 | -36,4 | 5,1 | 20,9 | 13,7 | 32,7 | 34,0 | 13,3 | 29,0 | -3,1 | 4,5 | 15,6 | 4,3 | 15,9 | ▲ | 273 |
| Indonesia | 50,6 | 60,8 | 61,7 | 88,1 | 63,4 | 59,0 | 59,5 | 58,8 | 64,0 | 54,5 | 37,6 | 46,8 | 49,7 | 45,5 | ▼ | -9 |
| Malaysia | 16,7 | 19,8 | 19,6 | 26,6 | 24,8 | 20,4 | 17,8 | 17,5 | 18,9 | 17,6 | 13,1 | 14,9 | 18,5 | 16,6 | ▼ | -10 |
| Singapore | 9,9 | 13,1 | 14,8 | 20,9 | 20,5 | 18,1 | 17,1 | 16,6 | 16,4 | 15,0 | 9,4 | 11,5 | 14,9 | 12,5 | ▼ | -16 |
| Korea, Republic of | 19,2 | 26,6 | 28,0 | 40,8 | 39,7 | 45,5 | 39,2 | 41,2 | 41,0 | 38,9 | 35,4 | 39,6 | 32,4 | 27,6 | ▼ | -15 |
| Thailand | 71,3 | 113,6 | 110,0 | 153,8 | 108,7 | 90,2 | 81,5 | 75,4 | 80,6 | 46,5 | -81,5 | 36,7 | 38,4 | 43,2 | ▲ | 12 |
| Vietnam | 82,3 | 103,4 | 84,3 | 99,6 | 66,7 | 63,4 | 58,3 | 53,9 | 59,5 | 56,4 | 39,8 | 43,0 | 59,1 | 55,5 | ▼ | -6 |
| Australia | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 30,9 | 36,2 | 25,1 | ▼ | -31 |
| Middle East | 327,2 | 301,4 | 300,2 | 388,9 | 328,8 | 302,8 | 228,9 | 241,7 | 259,0 | 231,2 | 172,1 | 219,9 | 281,1 | 285,4 | ▲ | 2 |
| Saudi Arabia | 84,5 | 72,5 | 65,9 | 84,7 | 84,0 | 84,4 | 60,2 | 54,4 | 49,6 | 46,0 | 31,1 | 44,2 | 50,1 | 52,3 | ▲ | 4 |
| UAE | 76,9 | 68,2 | 60,0 | 78,5 | 66,0 | 60,2 | 51,2 | 52,2 | 41,9 | 39,1 | 26,7 | 41,6 | 55,3 | 51,0 | ▼ | -8 |
| Kuwait | 10,3 | 9,7 | 9,3 | 15,5 | 17,8 | 16,2 | 15,0 | 16,5 | 17,0 | 15,9 | 13,0 | 16,6 | 18,9 | 19,6 | ▲ | 4 |
| Egypt | 55,3 | 36,4 | 44,2 | 52,8 | 51,1 | 43,1 | 28,1 | 24,5 | 27,4 | 29,1 | 23,5 | 34,1 | 51,5 | 57,0 | ▲ | 11 |
| Islamic Republic of Iran | 85,0 | 98,2 | 102,1 | 127,7 | 75,4 | 67,3 | 45,1 | 64,5 | 91,2 | 69,6 | 56,3 | 51,8 | 71,7 | 71,8 | ▲ | 0 |
| Other Middle East | 15,2 | 16,6 | 18,6 | 29,7 | 34,6 | 31,6 | 29,2 | 29,6 | 32,0 | 31,5 | 21,5 | 31,6 | 33,6 | 33,8 | ▲ | 0 |
| Turkey | 108,8 | 145,5 | 114,0 | 184,1 | 116,7 | 72,1 | 70,1 | 93,6 | 74,1 | 89,3 | 147,0 | 95,3 | 121,7 | 192,2 | ▲ | 58 |
| Russian Federation | 60,3 | 64,4 | 67,7 | 79,7 | 75,5 | 47,9 | 42,0 | 42,3 | 45,6 | 48,1 | 34,8 | 46,8 | 60,7 | 71,2 | ▲ | 17 |
| Americas | 303,8 | 266,8 | 224,2 | 251,4 | 224,6 | 248,5 | 266,5 | 215,4 | 209,9 | 205,9 | 237,3 | 321,3 | 311,1 | 305,2 | ▼ | -2 |
| United States | 226,7 | 198,5 | 160,2 | 187,8 | 164,7 | 190,6 | 210,1 | 158,9 | 154,4 | 150,8 | 187,3 | 264,9 | 252,4 | 249,7 | ▼ | -1 |
| Canada | 20,4 | 20,6 | 17,6 | 19,6 | 18,4 | 17,5 | 17,9 | 17,0 | 16,5 | 17,4 | 20,8 | 26,0 | 27,5 | 23,8 | ▼ | -13 |
| Mexico | 27,5 | 21,9 | 18,4 | 18,4 | 18,0 | 19,0 | 18,2 | 19,3 | 18,9 | 18,1 | 13,3 | 14,1 | 14,2 | 14,7 | ▲ | 3 |
| Brazil | 29,2 | 25,9 | 28,1 | 25,6 | 23,5 | 21,4 | 20,2 | 20,2 | 20,1 | 19,6 | 16,0 | 16,2 | 17,0 | 17,0 | ▼ | -1 |
| Europe ex CIS | 394,5 | 421,6 | 317,3 | 336,5 | 274,4 | 297,6 | 278,0 | 266,5 | 245,2 | 225,0 | 312,1 | 342,5 | 384,0 | 202,0 | ▼ | -47 |
| France | 22,0 | 25,7 | 18,4 | 16,8 | 15,1 | 13,1 | 9,2 | 13,2 | 11,8 | 12,9 | 14,0 | 17,0 | 20,0 | 16,9 | ▼ | -16 |
| Germany | 136,6 | 154,4 | 118,9 | 143,4 | 111,3 | 126,1 | 121,1 | 117,0 | 106,9 | 96,2 | 166,0 | 173,7 | 196,5 | 57,5 | ▼ | -71 |
| Italy | 34,2 | 26,9 | 22,6 | 21,1 | 19,9 | 19,2 | 19,0 | 18,8 | 18,5 | 18,2 | 13,8 | 17,3 | 19,4 | 18,7 | ▼ | -4 |
| Spain | 11,6 | 8,2 | 8,4 | 7,8 | 8,3 | 8,5 | 8,3 | 8,4 | 8,7 | 8,8 | 6,9 | 7,8 | 8,1 | 8,2 | ▲ | 1 |
| United Kingdom | 40,8 | 38,8 | 35,0 | 32,7 | 33,3 | 34,4 | 37,1 | 33,6 | 34,6 | 32,2 | 29,6 | 34,8 | 35,7 | 31,0 | ▼ | -13 |
| Switzerland | 86,9 | 96,8 | 62,2 | 61,7 | 47,7 | 50,3 | 45,6 | 42,5 | 36,6 | 29,8 | 42,9 | 43,8 | 48,7 | 35,8 | ▼ | -27 |
| Austria | 13,7 | 15,1 | 10,4 | 13,0 | 10,2 | 12,2 | 10,8 | 9,7 | 8,2 | 6,2 | 11,6 | 12,2 | 14,2 | 4,1 | ▼ | -71 |
| Other Europe | 48,6 | 55,8 | 41,5 | 40,0 | 28,6 | 33,7 | 27,0 | 23,4 | 19,9 | 20,6 | 27,3 | 35,9 | 41,4 | 29,9 | ▼ | -28 |
| Total above | 3.137,3 | 3.387,6 | 3.218,7 | 4.143,9 | 3.319,5 | 3.265,9 | 2.896,7 | 2.993,3 | 3.011,8 | 2.661,2 | 2.082,5 | 3.101,0 | 3.059,4 | 3.071,4 | ▲ | 0 |
| Other & stock change | 124,0 | 218,2 | 259,8 | 312,2 | 279,6 | 284,2 | 280,0 | 291,5 | 329,1 | 336,6 | 218,0 | 227,7 | 252,2 | 226,3 | ▼ | -10 |
| World total | 3.261,3 | 3.605,8 | 3.478,5 | 4.456,1 | 3.599,1 | 3.550,1 | 3.176,7 | 3.284,8 | 3.340,9 | 2.997,8 | 2.300,5 | 3.328,6 | 3.311,6 | 3.297,7 | ▼ | -0 |
Sources: ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Gold Council
APPENDIX 2 – EXECUTIVE SUMMARY
| Jewellery | ||||
| Tonnes | Q1’23 | Q1’24 | Year-on-year % change | |
| World total | 488,9 | 479,0 | ▼ | -2 |
| India | 91,9 | 95,5 | ▲ | 4 |
| China, P.R.: Mainland | 195,6 | 184,2 | ▼ | -6 |
| Investment | ||||
| Tonnes | Q1’23 | Q1’24 | Year-on-year % change | |
| Investment | 275,3 | 198,6 | ▼ | -28 |
| Bar & Coin | 303,9 | 312,3 | ▲ | 3 |
| India | 34,4 | 41,1 | ▲ | 19 |
| China, P.R.: Mainland | 65,9 | 110,5 | ▲ | 68 |
| Gold-backed ETFs | -28,6 | -113,7 | – | – |
| Central banks and other inst. | ||||
| Tonnes | Q1’23 | Q1’24 | Year-on-year % change | |
| Central banks and other institutions | 286,2 | 289,7 | ▲ | 1 |
| Technology | ||||
| Tonnes | Q1’23 | Q1’24 | Year-on-year % change | |
| Technology | 71,2 | 78,6 | ▲ | 10 |
| Electronics | 57,1 | 64,4 | ▲ | 13 |
| Other Industrial | 11,7 | 11,9 | ▲ | 2 |
| Dentistry | 2,4 | 2,3 | ▼ | -5 |
| Supply | ||||
| Tonnes | Q1’23 | Q1’24 | Year-on-year % change | |
| Total supply | 1.206,4 | 1.238,3 | ▲ | 3 |
| Mine production | 855,1 | 893,0 | ▲ | 4 |
| Net producer hedging | 39,4 | -5,5 | – | – |
| Recycled gold | 311,9 | 350,8 | ▲ | 12 |
Sources: ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Gold Council
APPENDIX 3 – United States GOLD situation
Domestic Production and Use:
- Estimated Domestic Production (2023): 170 tons
- Value of Production: Approximately $10 billion
- Key States:
- Nevada: Leading producer with about 73% of total domestic production
- Alaska: Second-largest producer with about 13% of domestic gold
- Production Sources:
- Over 40 lode mines across 11 states
- Several large placer mines, mainly in Alaska
- Numerous smaller placer mines, primarily in Alaska and Western States
- About 6% from byproduct of processing domestic base-metal ores, mostly copper
Key Operations:
- Top 27 Operations: Accounted for about 97% of the mined gold in the U.S.
- Refineries: Approximately 15 commercial-grade gold refineries
- Jewelry Manufacturing Hubs: Concentrated in New York, NY, and Providence, RI, with lesser concentrations in California, Florida, and Texas
Salient Statistics:
- Production (in tons):
- Mine Production: 2019 (201), 2020 (193), 2021 (187), 2022 (173), 2023 (170)
- Primary Refinery: 2019 (205), 2020 (181), 2021 (181), 2022 (181), 2023 (160)
- Secondary (scrap): 2019 (116), 2020 (92), 2021 (92), 2022 (93), 2023 (90)
- Imports for Consumption: 2019 (199), 2020 (545), 2021 (192), 2022 (138), 2023 (200)
- Exports: 2019 (360), 2020 (297), 2021 (386), 2022 (420), 2023 (250)
- Reported Consumption: 2019 (151), 2020 (187), 2021 (265), 2022 (257), 2023 (250)
- Treasury Stocks (year-end): 2019-2023 (8,130 tons)
- Price (per troy ounce): 2019 ($1,395), 2020 ($1,774), 2021 ($1,801), 2022 ($1,802), 2023 ($1,900)
- Employment (mine and mill): 2019 (11,800), 2020 (12,200), 2021 (12,500), 2022 (12,300), 2023 (12,000)
- Net Import Reliance: Generally an exporter (E)
Recycling:
- 2023 Recycling: Estimated 90 tons of new and old scrap, about 36% of reported consumption
Import Sources (2019–2022):
- Ores and Concentrates: Canada (99%), other (1%)
- Dore: Mexico (42%), Colombia (15%), Argentina (9%), Nicaragua (9%), other (25%)
- Bullion: Switzerland (40%), Canada (23%), Singapore (7%), South Africa (7%), other (23%)
- Overall: Switzerland (26%), Mexico (18%), Canada (16%), Colombia (8%), other (32%)
Tariffs:
- Gold content of silver ores: 0.8 ¢/kg on lead content
- Gold content of other ores: 1.7 ¢/kg on lead content
- Gold bullion, dore, and scrap: Free
Depletion Allowance:
- Domestic: 15%
- Foreign: 14%
World Production and Reserves:
- 2023 World Mine Production: Estimated at 3,000 tons
- Major Producers:
- China: 370 tons
- Australia: 310 tons
- Russia: 310 tons
- Canada: 200 tons
- Reserves: Estimated global reserves at 59,000 tons
Gold Recycling and Consumption Trends:
- Recycling Supply in Q1-2023: Increased by 7% compared to Q1-2022
- Global Consumption Trends: Jewelry (46%), Central Banks (23%), Physical Bars (16%), Coins and Medals (9%), Electronics (5%), Other (1%)
Domestic Production and Use
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Mine Production (tons) | 201 | 193 | 187 | 173 | 170 |
| Value of Production (USD billion) | – | – | – | – | 10 |
| Refineries | – | – | – | – | 15 |
| Top Gold-Producing States | NV | NV | NV | NV | NV |
| Production by Nevada (%) | – | – | – | – | 73% |
| Production by Alaska (%) | – | – | – | – | 13% |
| Byproduct Production (%) | – | – | – | – | 6% |
| Top 27 Operations (%) | – | – | – | – | 97% |
| Major Jewelry Manufacturing Hubs | – | – | – | – | NY, RI, CA, FL, TX |
Salient Statistics
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Mine Production (tons) | 201 | 193 | 187 | 173 | 170 |
| Primary Refinery (tons) | 205 | 181 | 181 | 181 | 160 |
| Secondary Refinery (tons) | 116 | 92 | 92 | 93 | 90 |
| Imports (tons) | 199 | 545 | 192 | 138 | 200 |
| Exports (tons) | 360 | 297 | 386 | 420 | 250 |
| Consumption (tons) | 151 | 187 | 265 | 257 | 250 |
| Stocks (Treasury, tons) | 8,130 | 8,130 | 8,130 | 8,130 | 8,130 |
| Price (USD per troy ounce) | 1,395 | 1,774 | 1,801 | 1,802 | 1,900 |
| Employment (mine and mill) | 11,800 | 12,200 | 12,500 | 12,300 | 12,000 |
Recycling
| Metric | 2022 | 2023 |
|---|---|---|
| Recycled Gold (tons) | 93 | 90 |
| Percentage of Consumption (%) | – | 36% |
Import Sources (2019–2022)
| Source | Percentage |
|---|---|
| Canada (Ores & Concentrates) | 99% |
| Mexico (Dore) | 42% |
| Colombia (Dore) | 15% |
| Argentina (Dore) | 9% |
| Nicaragua (Dore) | 9% |
| Switzerland (Bullion) | 40% |
| Canada (Bullion) | 23% |
| Singapore (Bullion) | 7% |
| South Africa (Bullion) | 7% |
| Switzerland (Total) | 26% |
| Mexico (Total) | 18% |
| Canada (Total) | 16% |
| Colombia (Total) | 8% |
Tariffs
| Item | Number | Tariff Rate |
|---|---|---|
| Precious Metal Ore and Concentrates (Silver) | 2616.10.0080 | 0.8 ¢/kg on lead content |
| Precious Metal Ore and Concentrates (Other) | 2616.90.0040 | 1.7 ¢/kg on lead content |
| Gold Bullion | 7108.12.1013 | Free |
| Gold Dore | 7108.12.1020 | Free |
| Gold Scrap | 7112.91.0100 | Free |
Depletion Allowance
| Type | Percentage |
|---|---|
| Domestic | 15% |
| Foreign | 14% |
World Mine Production and Reserves
| Country | Mine Production 2022 (tons) | Mine Production 2023 (tons) | Reserves (tons) |
|---|---|---|---|
| United States | 173 | 170 | 3,000 |
| Australia | 314 | 310 | 11,200 |
| Brazil | 61 | 60 | 2,400 |
| Burkina Faso | 58 | 60 | NA |
| Canada | 206 | 200 | 2,300 |
| China | 372 | 370 | 3,000 |
| Ghana | 88 | 90 | 1,000 |
| Indonesia | 105 | 110 | 2,600 |
| Kazakhstan | 115 | 130 | 1,000 |
| Mali | 64 | 60 | 800 |
| Mexico | 120 | 120 | 1,400 |
| Peru | 97 | 90 | 2,300 |
| Russia | 310 | 310 | 11,100 |
| South Africa | 89 | 100 | 5,000 |
| Tanzania | 57 | 60 | 420 |
| Uzbekistan | 104 | 100 | 1,800 |
| Other | 726 | 700 | 9,200 |
| World Total | 3,060 | 3,000 | 59,000 |
World Resources
| Resource Type | Metric Tons |
|---|---|
| Identified Gold Resources | 15,000 |
| Undiscovered Gold Resources | 18,000 |
| Total US Gold Resources | 33,000 |
Substitutes
| Metal | Use Case |
|---|---|
| Palladium | Electrical and electronic products |
| Platinum | Electrical and electronic products |
| Silver | Electrical and electronic products |
This detailed table captures the essential analytical values and technical data regarding gold production and use in 2023
SOURCE: U.S. Geological Survey, Mineral Commodity Summaries, January 2024
