Updated Oct 17, 2022 01:10

Global Gold Market

Market Overview
For the fifth year in a row, the global gold market recorded growth in sales value, which increased by % to $ in . Overall, consumption showed buoyant growth. Global consumption peaked in and is expected to retain growth in the immediate term.

In value terms, gold production declined to $ in estimated in export price. Over the period under review, the total production indicated a prominent expansion from 2007 to : its value increased at an average annual rate of +% over the last fourteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, production increased by +% against 2016 indices. The pace of growth was the most pronounced in 2016 with an increase of %. Global production peaked at $ in , and then declined in the following year.

The countries with the highest volumes of production in were the United Arab Emirates ( tons), the United States ( tons) and the UK ( tons), with a combined % share of global production. Hong Kong SAR, Peru, Russia, Argentina, South Africa, China, Australia, Thailand, Mexico and Japan lagged somewhat behind, together comprising a further %.

From 2007 to , the biggest increases were recorded for Thailand (with a CAGR of +%), while production for the other global leaders experienced more modest paces of growth.


Consumption
In , the amount of gold consumed worldwide contracted modestly to tons, which is down by -% compared with figures. In general, consumption, however, posted a resilient expansion. As a result, consumption reached the peak volume of tons, and then contracted modestly in the following year.

The global gold market value reduced slightly to $ in , approximately reflecting the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, continues to indicate a buoyant increase. Global consumption peaked at $ in , and then declined modestly in the following year.


Consumption by Country
The country with the largest volume of gold consumption was Rwanda ( tons), comprising approx. % of total volume. Moreover, gold consumption in Rwanda exceeded the figures recorded by the second-largest consumer, India ( tons), sixfold. China ( tons) ranked third in terms of total consumption with a % share.

From 2007 to , the average annual growth rate of volume in Rwanda totaled +%. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+% per year) and China (+% per year).

In value terms, the largest gold markets worldwide were China ($), India ($) and the UK ($), together comprising % of the global market. The United Arab Emirates, Switzerland, the United States, Hong Kong SAR, Thailand and Rwanda lagged somewhat behind, together accounting for a further %.

Rwanda, with a CAGR of +%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In No countries gold per capita consumption remained relatively stable over the period from 2007-.


Market Forecast
Driven by increasing demand for gold worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .

In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .