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How big is the gold market?
Is gold a popular precious metal? Or is it fading in popularity?
Which country is the largest producer of gold in the world?
Find out in my updated gold industry statistics guide for 2025.
Use this jump link to jump to the KEY STATS section.
All the references and resources I used in crafting my guide are listed at the bottom of the page.
Jump here: Key Gold Industry Statistics, Facts and Trends|Detailed Gold Industry Statistics, Facts and Trends for this Year
Table of Contents
Key Gold Industry Statistics, Facts and Trends
Key Gold Industry Statistics, Facts and Trends for 2025
- Gold recently reached $3,269.16 per troy ounce, representing a 40.17% increase from the previous year. J.P. Morgan predicts gold prices will average $3,675/oz by the end of the year, with some institutions forecasting $3,700-$4,000 by the end of next year. By 2032 the price of gold per troy ounce is predicted to reach above $6400. (Source)
- Global gold production increased from 84 million ounces in 2008 to over 124 million ounces by 2024. (Source)
- By 2032 the global gold production will further increase and reach 148 million ounces per year. To put it in other words, global mine production reached approximately 3,000 metric tonnes in 2023 and will surpass 4195 tonnes by 2032. (Source)
- By 2032 demand for gold will reach over 7 000 tonnes per year due to increased gold usage in various AI-related industries. (Source)
- Central banks bought over 1,000 tonnes for the third consecutive year, with Q4 2024 purchases accelerating to 333 tonnes. Major financial institutions cite ongoing central bank gold accumulation and persistent geopolitical risks as price drivers. (Source)
- Central banks are expected to buy even more gold as precaution as global economy reshapes itself due to a large impact AI will have on virtually every major industry. (Source)
- Roughly 43.68% of global gold demand is for jewelry design and manufacturing. (Source)
- And approximately 40% of newly mined gold each year is converted into gold bullion or coins for investment purposes. (Source)
- And roughly 16.3% of gold mined every year goes to gold’s industrial application across various industries (electronics, aerospace, dentistry, medicine…). (Source)
- China is the largest gold producer in the world, accounting for around 10% of total global gold production. Australia follows China as the second-largest gold mining country (9%). Russia ranks as the third-largest gold producer globally (8.8%). (Source)
- Until 2006, South Africa was the world’s largest gold producer, but declining production and rising costs led to China taking the lead in 2007. Nowadays South Africa produces 4% of world’s gold per annum. (Source)
- Gold mining operates on every continent except Antarctica (there’s almost certainly gold there, but it’s covered with ice). (Source)
- Australia has the largest gold mine reserves worldwide at roughly 12,000 metric tons. Russia holds 11,100 metric tons in gold mine reserves. China has an estimate of 10 000 metric tons of gold while South Africa has roughly 3 000 metric tons of gold waiting to be mined and pulled from the ground. (Source)
- The USGS (United States Geological Survey) in 2022 estimated total world reserves at approximately 52,000 metric tons. This is significantly less than the 2019 estimate of The World Gold Council (190, 040 metric tons). The reason for this discrepancy is far less gold than initially predicted. (Source)
- Gold is extracted from mines of widely varying types and scale. (Source)
Detailed Gold Industry Statistics, Facts and Trends for this Year
What are the Trends Related to Gold Price?
Gold recently reached $3,269.16 per troy ounce, representing a 40.17% increase from the previous year. (Source)
J.P. Morgan predicts gold prices will average $3,675/oz by the end of the year, with some institutions forecasting $3,700-$4,000 by the end of next year. (Source)
By 2032 the price of gold per troy ounce is predicted to reach above $6400. This large price increase will be driven by gold’s use across various industries. (Source)
Another gold price driver will be higher demand for gold as a store of value, both for entire countries (via their central banks accumulating gold reserves) and wealthy individuals. (Source)
How has Global Gold Production Changed Over Time?
Global gold production increased from 84 million ounces in 2008 to over 124 million ounces by 2024. (Source)
By 2032 the global gold production will further increase and reach 148 million ounces per year. (Source)
To put it another way, global mine production reached approximately 3,000 metric tonnes in 2023 and will surpass 4195 tonnes by 2032. (Source)
However, even ~4200 tonnes won’t be enough as by 2032 demand for gold is predicted to reach over 7 000 tonnes per year due to increased gold usage usage in various AI-related industries. (Source)
How Much Gold did Central Banks Buy in Recent Years?
Central banks bought over 1,000 tonnes for the third consecutive year, with Q4 2024 purchases accelerating to 333 tonnes. (Source)
Major financial institutions cite ongoing central bank accumulation and persistent geopolitical risks as price drivers. (Source)
And central banks of various countries are expected to buy even more gold as precaution as global economy reshapes itself due to a large impact AI will have on virtually every major industry. (Source)
Which Countries are the Largest Gold Producers in the World?
China is the largest gold producer in the world, accounting for around 10% of total global production. Australia follows China as the second-largest gold mining country (9%). Russia ranks as the third-largest gold producer globally (8.8%). (Source)
Note: until 2006, South Africa was the world’s largest gold producer, but declining production led to China taking the lead in 2007. Nowadays South Africa produces 4% of worlds gold per annum. (Source)
Gold mining operates on every continent except Antarctica (there’s almost certainly gold there, but it’s covered with ice). (Source)
Which Country has the Largest Verified Gold Mine Reserves?
Australia has the largest verified gold mine reserves worldwide at roughly 12,000 metric tons. Russia holds 11,100 metric tons in gold mine reserves. China has an estimate of 10 000 metric tonnes of gold while South Africa has roughly 3 000 metric tonnes of gold waiting to be mined and pulled from the ground. (Source)
Note: mineral ore reserves are calculated based on economically and technically feasible extraction. (Source)
What are the Total Gold Reserves in the World?
The USGS (United States Geological Survey) in 2022 estimated total world reserves at approximately 52,000 metric tons.
This is significantly less than the 2019 estimate of The World Gold Council (190, 040 metric tons). The reason for this discrepancy is far less gold in the Earth’s crust than initially predicted. (Source)
Which Countries Have the Highest Gold Reserves Accumulated By Their Central Banks?
The United States holds the largest gold reserves in the world, with approximately 8,133.46 metric tons. Most of this is held by US’s central bank at the Delaware and Fort Knox depositories. (Source)
But a substantial amount is held by people who own gold IRA accounts.
A gold IRA is a SDIRA (self-directed retirement account) that lets investors hold IRA-eligible gold bullion (gold coins and bars) and other precious metals as investments.
Note: approximately 40% of newly mined gold each year is converted into gold bullion or coins for investment purposes. (Source)
Following the US, Germany, Italy, and France are the next three countries with the most gold reserves, respectively.
Here’s a more detailed look at the top countries with the most gold reserves:
- United States: Holds approximately 8,133.46 metric tons.
- Germany: Holds around 3,351.53 metric tons.
- Italy: Holds about 2,451.84 metric tons.
- France: Holds roughly 2,437 metric tons.
- Russia: Holds approximately 2,299 metric tons.
- China: Holds about 1,948 metric tons.
- Switzerland: Holds around 1,040 metric tons.
- Japan: Holds approximately 846 metric tons.
- India: Holds roughly 785 metric tons.
- Netherlands: Holds about 612 metric tons.
What Percentage of Global Gold Demand is for Jewelry Design and Manufacturing?
Roughly 43.68% of global gold demand is for jewelry design and manufacturing. (Source)
Roughly 40% of newly mined gold each year is converted into gold bullion or coins for investment purposes. (Source)
And roughly 16.3% of gold mined every year goes to gold’s industrial application across various industries (electronics, aerospace, dentistry, medicine…). (Source)
Gold Industry Statistics, Facts and Trends Guide (Conclusion)
My updated guide for 2025 lists the best and latest statistics, facts, trends and data about gold industry and how this precious metal is used worldwide.
I hope you enjoyed it because the guide is now over.
During my research, I consulted these resources below:
References:
- Average prices for gold worldwide from 2014 to 2024- https://www.statista.com/statistics/675890/average-prices-gold-worldwide/
- Gold spot prices- https://www.gold.org/goldhub/data/gold-prices
- Gold Futures Historical Data- https://www.investing.com/commodities/gold-historical-data
- Statistics and information on the worldwide supply of, demand for, and flow of the mineral commodity gold- https://www.usgs.gov/centers/national-minerals-information-center/gold-statistics-and-information
- Historical performance of the Gold spot price index- https://curvo.eu/backtest/en/market-index/gold-bullion
- Gold – Historical Statistics (Data Series 140)- https://www.usgs.gov/media/files/gold-historical-statistics-data-series-140
Nikola Roza
Nikola Roza is a blogger behind Nikola Roza- SEO for the Poor and Determined. He writes for bloggers who don't have huge marketing budget but still want to succeed. Nikola is passionate about precious metals IRAs and how to invest in gold and silver for a safer financial future. Learn about Nikola here.