Gold Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 7.38 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Gold Market Analysis
The Gold Market size is estimated at 4.42 kilotons in 2024, and is expected to reach 6.32 kilotons by 2029, growing at a CAGR of 7.38% during the forecast period (2024-2029).
The COVID-19 pandemic affected several industries negatively in 2020. The lockdown in most regions caused disruptions in mining and processing activities, and restrictions in freight transportation disturbed the supply chain. However, the conditions started recovering in 2021, restoring the market's growth trajectory.
The major factor driving the market is the demand for gold in the form of jewelry, technology, and long-term savings. This is especially true in developing nations, where gold is frequently utilized as a luxury item and a way of preserving wealth.
However, factors like declining ore grades, technical challenges, and strikes are expected to hinder global gold market expansion.
Nevertheless, the wedding market sector in China and India is projected to give several growth opportunities for the gold market segment in the future.
The Asia-Pacific region dominated the market globally, with the largest consumption coming from countries such as China and India, and this is expected to remain the same in the future.
Gold Market Trends
Jewelry Segment to Dominate the Demand
- Gold is used in a variety of applications, including jewelry, electronics, coins, medals, art, dentistry, medicine, and monetary systems. Gold is suitable for these applications due to properties such as conductivity, corrosion resistance, biocompatibility, and malleability. Certain medical problems, such as cancer and arthritis, can also be treated with gold by adopting radioactive isotopes or gold salts.
- Gold is extracted from lode deposits by drilling, blasting, or shoveling the surrounding rock. Lode deposits are typically found deep underground. Miners mine underground by digging tunnels through the earth following the vein. Technicians then use picks and tiny explosives to extract the gold ore from the surrounding rock.
- Typically, before heap leaching, the gold ore is crushed and agglomerated. Further processing is required to extract the gold contents from high-grade ores and ores resistant to cyanide leaching at coarse particle sizes. Before cyanidation, processing methods such as grinding, concentration, roasting, and pressure oxidation may be used.
- During the forecast period, the jewelry sector is likely to have the largest share of the gold market. Gold does not tarnish, rust, or corrode. It is the most significant metal in jewelry manufacturing due to its excellent features and shine. Since gold is too soft for everyday usage, it is alloyed with a metal combination to make it tougher so that it may be used for jewelry.
- Numerous other varieties of gold are used to produce the jewelry. Gold is available in a variety of hues, karats, and coatings, each with its own set of qualities. On the market, there are around 15 distinct varieties of gold available, including yellow gold, white gold, rose gold, and others.
- Moreover, according to the WGC, in the third quarter of 2022, the demand for gold for jewelry applications was estimated to be 581.7 metric tons. This was the most popular purpose in that quarter, ahead of investment, technology, and central banks.
- Overall, the gold jewelry demand is likely to continue playing an instrumental role in driving the global demand for the gold market over the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is one of the largest producers of gold, driven by China and Australia. China has the biggest market share and will also be the top gold user over the forecast period.
- According to the U.S. Geological Survey, in 2022, gold mines in China produced the most gold in the Asia-Pacific region. Australia, Uzbekistan, and Indonesia were the other top producers in the region, with 320 metric tons, 100 metric tons, and 70 metric tons mined in 2022, respectively.
- According to the World Gold Council, mine production in China increased by 13% in 2022 to 374 tons as mining in Shandong province returned to normal, following the widespread safety stoppages for most of 2021.
- Region-wise, mine production in Asia-Pacific saw the largest increase in 2022, up by 11 tons compared to 2021, driven by the recovery in China’s output.
- India led the gold recycling market in 2022, with sharp increases in recycling supply. The South Asian region, with India being the biggest market, saw recycling supply up nearly 40% year-on-year and about 60% quarter-on-quarter.
- A higher number of auspicious wedding days in the country in 2023 (67 days) as compared to 2022 (55 days) will also add to the demand for gold jewelry.
- In the financial world, gold is the most popular precious metal. According to the WGC, from January 1971 and December 2022, gold had an average annual return of 7.78%, trailing only commodities, which had an average annual return of 8.3%. The rate of return on gold investments varied greatly from 2002 to 2022 but provided positive returns in the majority of the years studied. In 2022, the return on gold as an investment was around 0.44%. Many people are looking to invest in gold as a hedge against equity markets, which will increase its demand.
- Therefore, all such factors mentioned above are projected to contribute to driving demand for the gold market in the Asia-Pacific region over the forecast period.
Gold Industry Overview
The gold market is partially fragmented, with the presence of a few large-sized players and a large number of small players operating in the market. The major players in the studied market (not in any particular order) include Newmont Corporation, Barrick Gold Corporation, FRANCO-NEVADA CORPORATION, PJSC Polyus, and Agnico Eagle Mines Limited, amongst others.
Gold Market Leaders
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Agnico Eagle Mines Limited
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FRANCO-NEVADA CORPORATION
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Newmont Corporation
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PJSC Polyus
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Barrick Gold Corporation
*Disclaimer: Major Players sorted in no particular order
Gold Market News
- March 2023: Pan American Silver Corporation acquired all the issued and outstanding common shares of Yamana Gold Inc., as part of the arrangement, which includes its mines and increased the geographical operations of the company in Latin America.
- February 2023: Barrick Gold, the world's second-biggest gold producer, announced a 10% increase in attributable proved and probable gold mineral reserves to 76 million ounces net of depletion in 2022 while maintaining current reserves.
GoldMarket Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Demand for Gold in the form of Jewelry and Long-term Savings
- 4.1.2 Increasing Consumption in High-End Electronics Applications
- 4.1.3 Other Drivers
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4.2 Restraints
- 4.2.1 Declining Ore Grades and Other Technical Challenges
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
-
4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 By Type
- 5.1.1 Alloyed Gold
- 5.1.2 Layered Gold
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5.2 Application
- 5.2.1 Jewellery
- 5.2.2 Electronics
- 5.2.3 Awards and Status Symbols
- 5.2.4 Other Applications (Dentistry, Aerospace, etc.)
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5.3 Geography
- 5.3.1 Production Analysis
- 5.3.1.1 United States
- 5.3.1.2 Australia
- 5.3.1.3 Brazil
- 5.3.1.4 Burkina Faso
- 5.3.1.5 Canada
- 5.3.1.6 China
- 5.3.1.7 Colombia
- 5.3.1.8 Ghana
- 5.3.1.9 Indonesia
- 5.3.1.10 Kazakhstan
- 5.3.1.11 Mali
- 5.3.1.12 Mexico
- 5.3.1.13 Papua New Guinea
- 5.3.1.14 Peru
- 5.3.1.15 Russia
- 5.3.1.16 South Africa
- 5.3.1.17 Sudan
- 5.3.1.18 Tanzania
- 5.3.1.19 Uzbekistan
- 5.3.1.20 Other countries
- 5.3.2 Consumption Analysis
- 5.3.2.1 Asia-Pacific
- 5.3.2.1.1 China
- 5.3.2.1.2 India
- 5.3.2.1.3 Japan
- 5.3.2.1.4 South Korea
- 5.3.2.1.5 Rest of Asia-Pacific
- 5.3.2.2 North America
- 5.3.2.2.1 United States
- 5.3.2.2.2 Canada
- 5.3.2.2.3 Mexico
- 5.3.2.3 Europe
- 5.3.2.3.1 Germany
- 5.3.2.3.2 United Kingdom
- 5.3.2.3.3 Italy
- 5.3.2.3.4 France
- 5.3.2.3.5 Rest of Europe
- 5.3.2.4 South America
- 5.3.2.4.1 Brazil
- 5.3.2.4.2 Argentina
- 5.3.2.4.3 Rest of South America
- 5.3.2.5 Middle East and Africa
- 5.3.2.5.1 Saudi Arabia
- 5.3.2.5.2 South Africa
- 5.3.2.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%) **/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Agnico Eagle Mines Limited
- 6.4.2 Barrick Gold Corporation
- 6.4.3 FRANCO-NEVADA CORPORATION
- 6.4.4 FURUKAWA CO.,LTD
- 6.4.5 Gabriel Resources Ltd.
- 6.4.6 Harmony Gold Mining Company Limited
- 6.4.7 Jinshan Gold
- 6.4.8 Johnson Matthey
- 6.4.9 Kinross Gold Corporation
- 6.4.10 New Gold Inc.
- 6.4.11 Newmont Corporation
- 6.4.12 PJSC Polyus
- 6.4.13 Tertiary Minerals
- 6.4.14 Vedanta Resources Limited
- 6.4.15 Zijin Mining Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Rising Investment in Gold to Increase the Forex Reserves
- 7.2 Other Opportunities
Gold Industry Segmentation
Gold has the chemical symbol Au (from the Latin word aurum) and the atomic number 79. As a result, it is one of the highest atomic number elements found in nature. In its pure state, it is a brilliant, somewhat orange-yellow, dense, soft, malleable, and ductile metal. Traditionally, gold has been used to make coins, bullion, and jewelry, but recently, it has been used in a variety of applications, including dentistry, electronics, and aerospace.
The gold market is segmented by type, application, and geography. By type, the market is segmented into alloyed gold and layered gold. By application, the market is segmented into jewelry, electronics, awards, status symbols, and other applications (dentistry and aerospace). The report also covers the market size and forecasts for the gold market in 15 countries across the studied regions.
For each segment, the market sizing and forecasts have been done on the basis of volume (tons).
| By Type | Alloyed Gold | ||
| Layered Gold | |||
| Application | Jewellery | ||
| Electronics | |||
| Awards and Status Symbols | |||
| Other Applications (Dentistry, Aerospace, etc.) | |||
| Geography | Production Analysis | United States | |
| Australia | |||
| Brazil | |||
| Burkina Faso | |||
| Canada | |||
| China | |||
| Colombia | |||
| Ghana | |||
| Indonesia | |||
| Kazakhstan | |||
| Mali | |||
| Mexico | |||
| Papua New Guinea | |||
| Peru | |||
| Russia | |||
| South Africa | |||
| Sudan | |||
| Tanzania | |||
| Uzbekistan | |||
| Other countries | |||
| Geography | Consumption Analysis | Asia-Pacific | China |
| India | |||
| Japan | |||
| South Korea | |||
| Rest of Asia-Pacific | |||
| Geography | Consumption Analysis | North America | United States |
| Canada | |||
| Mexico | |||
| Geography | Consumption Analysis | Europe | Germany |
| United Kingdom | |||
| Italy | |||
| France | |||
| Rest of Europe | |||
| Geography | Consumption Analysis | South America | Brazil |
| Argentina | |||
| Rest of South America | |||
| Geography | Consumption Analysis | Middle East and Africa | Saudi Arabia |
| South Africa | |||
| Rest of Middle East and Africa |
GoldMarket Research FAQs
How big is the Gold Market?
The Gold Market size is expected to reach 4.42 kilotons in 2024 and grow at a CAGR of 7.38% to reach 6.32 kilotons by 2029.
What is the current Gold Market size?
In 2024, the Gold Market size is expected to reach 4.42 kilotons.
Who are the key players in Gold Market?
Agnico Eagle Mines Limited, FRANCO-NEVADA CORPORATION, Newmont Corporation, PJSC Polyus and Barrick Gold Corporation are the major companies operating in the Gold Market.
Which is the fastest growing region in Gold Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Gold Market?
In 2024, the Asia-Pacific accounts for the largest market share in Gold Market.
What years does this Gold Market cover, and what was the market size in 2023?
In 2023, the Gold Market size was estimated at 4.12 kilotons. The report covers the Gold Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Gold Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
GoldIndustry Report
Statistics for the 2024 Gold market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Gold analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
