In 2021, gold for jewelry fabrication accounted for 2,229.4 metric tons of the gold demand worldwide. Global gold demand for investments that year amounted to less than half that amount, at 1,006.4 metric tons.
Gold demand worldwide
Global gold demand for jewelry amounted to a decade-low volume of 1,401 metric tons in 2020. It increased in 2021 to 2,229 metric tons, which is within the average range of gold demand for jewelry that was witnessed during the past decade. That accounted for 55 percent of the global gold demand. Jewelry fabrication was the largest demand sector for gold worldwide in each year over the past decade except for 2020, when gold demand for investments was the largest.
The consumption of gold in the United States reached 250 metric tons in 2021, which was a record-high volume over the past decade. Meanwhile, China's gold consumption amounted to 1,121 metric tons in 2021, the highest in a few years. Following typical global patterns, Chinese gold consumption was primarily for jewelry, consuming 711.3 metric tons of the country’s total gold consumption in 2021.
Gold market factors
The average price of gold has risen significantly over the last decades. In 1984, price of gold was at 360.48 U.S. dollars per troy ounce and reached a record 1,798.61 U.S. dollars per troy ounce in 2021. About 3,000 metric tons of gold was produced in mines globally in 2021. China produced the majority of the global share of gold, mining 370 metric tons in 2021. As China becomes a larger player in the gold industry, the gold market has started to shift eastwards as the regions there become more influential. Due to this movement, the strength of the U.S. dollar has also become less important in the fluctuations in gold prices. The United States nevertheless still holds the world’s largest reserves of gold, totaling 8,133.54 metric tons as of March 2022.
Demand for gold worldwide in 2021, by sector
(in metric tons)
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World Gold Council. (April 28, 2022). Demand for gold worldwide in 2021, by sector (in metric tons) [Graph]. In Statista. Retrieved January 29, 2023, from https://www.statista.com/statistics/299603/gold-demand-by-sector/
World Gold Council. "Demand for gold worldwide in 2021, by sector (in metric tons)." Chart. April 28, 2022. Statista. Accessed January 29, 2023. https://www.statista.com/statistics/299603/gold-demand-by-sector/
World Gold Council. (2022). Demand for gold worldwide in 2021, by sector (in metric tons). Statista. Statista Inc.. Accessed: January 29, 2023. https://www.statista.com/statistics/299603/gold-demand-by-sector/
World Gold Council. "Demand for Gold Worldwide in 2021, by Sector (in Metric Tons)." Statista, Statista Inc., 28 Apr 2022, https://www.statista.com/statistics/299603/gold-demand-by-sector/
World Gold Council, Demand for gold worldwide in 2021, by sector (in metric tons) Statista, https://www.statista.com/statistics/299603/gold-demand-by-sector/ (last visited January 29, 2023)
Demand for gold worldwide in 2021, by sector (in metric tons) [Graph], World Gold Council, April 28, 2022. [Online]. Available: https://www.statista.com/statistics/299603/gold-demand-by-sector/