Gold Market in South Africa
Market Overview
In 
, the South African gold market decreased by -% to $, falling for the second consecutive year after seven years of growth. Overall, consumption, however, continues to indicate modest growth. Gold consumption peaked at $ in 2019; however, from to , consumption stood at a somewhat lower figure.
In value terms, gold production fell to $ in estimated in export price. Overall, production saw a pronounced descent. The pace of growth appeared the most rapid in 2010 with an increase of % against the previous year. Over the period under review, production hit record highs at $ in 2011; however, from 2012 to , production remained at a lower figure.
, the South African gold market decreased by -% to $, falling for the second consecutive year after seven years of growth. Overall, consumption, however, continues to indicate modest growth. Gold consumption peaked at $ in 2019; however, from to , consumption stood at a somewhat lower figure.In value terms, gold production fell to $
in estimated in export price. Overall, production saw a pronounced descent. The pace of growth appeared the most rapid in 2010 with an increase of % against the previous year. Over the period under review, production hit record highs at $ in 2011; however, from 2012 to , production remained at a lower figure.Consumption
In , consumption of gold decreased by -% to tons, falling for the seventh consecutive year after three years of growth. Overall, consumption showed a noticeable contraction. Over the period under review, consumption hit record highs at tons in 2007; however, from 2008 to , consumption remained at a lower figure.
The size of the gold market in South Africa rose slightly to $ in , increasing by % against 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). Over the period under review, consumption, however, recorded modest growth. Gold consumption peaked at $ in 2019; however, from to , consumption failed to regain momentum.
, consumption of gold decreased by -% to tons, falling for the seventh consecutive year after three years of growth. Overall, consumption showed a noticeable contraction. Over the period under review, consumption hit record highs at tons in 2007; however, from 2008 to , consumption remained at a lower figure.The size of the gold market in South Africa rose slightly to $
in , increasing by % against 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). Over the period under review, consumption, however, recorded modest growth. Gold consumption peaked at $ in 2019; however, from to , consumption failed to regain momentum.Market Forecast
Depressed by shrinking demand for gold in South Africa, the market is expected to continue its downward consumption trend over the next eight years. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to depress the market volume to tons by the end of .
In value terms, the market is forecast to contract 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 .
% for the period from to , which is projected to depress the market volume to tons by the end of .In value terms, the market is forecast to contract 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 .Market Structure
Gold market in South Africa remained dependent on supplies from foreign countries. In , the share of imports in total consumption was % in value terms and % in physical terms.
, the share of imports in total consumption was % in value terms and % in physical terms.Trade Balance
South Africa remains a net exporter of gold; in physical and value terms, exports consistently exceeded imports from 2007 to . In , there was a significant trade surplus of tons, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.
. In , there was a significant trade surplus of tons, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.
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