Gold

Gold

Global Gold Market to Reach 6.3 Thousand Tonnes by 2030

The global market for Gold estimated at 4.5 Thousand Tonnes in the year 2023, is expected to reach 6.3 Thousand Tonnes by 2030, growing at a CAGR of 5.0% over the analysis period 2023-2030. Gold Jewelry, one of the segments analyzed in the report, is expected to record a 5.5% CAGR and reach 3.0 Thousand Tonnes by the end of the analysis period. Growth in the Gold Bars & Coins segment is estimated at 4.4% CAGR over the analysis period.

The U.S. Market is Estimated at 1.2 Thousand Tonnes While China is Forecast to Grow at 7.5% CAGR

The Gold market in the U.S. is estimated at 1.2 Thousand Tonnes in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of 1.4 Thousand Tonnes by the year 2030 trailing a CAGR of 7.5% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.0% and 4.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR.

Global Gold Market - Key Trends & Drivers Summarized

What Is the Significance of Gold and Its Historical Context?
Gold has been a symbol of wealth and a form of currency, jewelry, and investment for thousands of years. Its allure stems from its physical properties: it is malleable, resistant to tarnish, and its brilliant luster. Historically, gold has played a central role in many economies and has been used as a stable foundation for monetary systems. Even today, countries hold large reserves of gold as a safeguard to stabilize national economies and as a hedge against inflation or economic uncertainty. This precious metal is mined in several countries, with China, Australia, Russia, and the United States being the largest producers. The process of mining gold can be intensive and complex, involving extensive exploration, excavation, and processing.

How Are Technological Advancements Impacting Gold Production and Use?
Technological advancements have significantly transformed the methods of extracting and processing gold, increasing efficiency and environmental sustainability. Modern techniques in gold mining include bio-mining, which uses microbial processes to extract gold from ore and reduce the environmental impact associated with traditional extraction methods such as cyanide leaching. In gold refining, advancements have streamlined processes to reduce waste and improve the purity of the final product. Technology has also expanded the use of gold beyond adornment and currency into applications such as electronics, where gold`s excellent conductivity makes it valuable for use in high-end connectors and circuit boards, and healthcare, where it is used in diagnostic procedures and treatments.

What Are the Current Market Dynamics Influencing Gold Demand?
The demand for gold is influenced by various factors that make it unique compared to other commodities. It is driven not only by its practical uses in jewelry and technology but also by its role as an investment vehicle. During times of economic uncertainty, gold is often seen as a `safe haven` investment due to its intrinsic value and historical reliability. This has been evident during economic downturns, where an increase in investment demand for gold often offsets the declines in its industrial and jewelry use. Additionally, the growing middle class in emerging markets has spurred demand for gold jewelry, particularly in countries like China and India, where gold is deeply woven into the cultural fabric. Central bank policies, inflation rates, and currency stability also significantly affect gold prices and investment demand.

What Drives the Growth of the Gold Market?
The growth in the gold market is driven by several factors. Economic volatility and uncertainty often lead investors to gold as a safe store of value, pushing up its price and demand. Technological advancements that lower the cost of gold extraction and processing also contribute to market growth by sustaining its supply at lower costs. Moreover, the expansion of the middle class in emerging economies boosts demand for gold jewelry and ornaments, further propelling the market. Additionally, as new uses for gold in technology and medicine are developed, its industrial demand continues to expand. Global trade policies and geopolitical tensions can also impact the gold market, influencing investor behavior and gold prices.

Select Competitors (Total 366 Featured) -

• AngloGold Ashanti
• Barrick Gold Corporation
• Furukawa Co., Ltd.
• Gabriel Resources Ltd.
• Harmony Gold Mining Company Limited
• Jinshan Gold
• Johnson Matthey PLC
• Kinross Gold Corporation
• New Gold Inc.
• New mont Mining Corporation
• Tertiary Minerals PLC
• Vedanta Resources PLC
• Zijin Mining Group

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