Gold demand worldwide by sector 2017

This statistic shows the distribution of global gold demand in 2017, sorted by industry. In that year, approximately 265 metric tons of gold were demanded by the electronics industry. Most of the global amount of gold was consumed by the jewelry industry.

Gold demand, supply, and price

Worldwide gold demand for jewelry reached some 2,136 metric tons in 2017, while demand for gold totaled over 1,029 metric tons for total bar and coin use. The consumption of gold reached 165 metric tons in the United States in 2016 and 986 tons in China in 2015. Following global patterns, China used gold primarily for jewelry, consuming 722 tons of the country’s total gold consumption that year.

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 1,060 U.S. dollars per troy ounce in 2015. About three thousand metric tons of gold were produced in mines globally in 2015. China produced the majority of the global share of gold, mining 455 metric tons in 2016. 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 dollar has also become less important in the fluctuations in gold prices. Under normal trends, an increase in the dollar would negatively influence the prices of gold. The United States holds some of the world’s largest reserves of gold, totaling 8,134 metric tons as of 2016.

Global gold demand by industry in 2017 (in metric tons)*

Demand in metric tons
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Sources

Release date

February 2018

Region

Worldwide

Survey time period

2017

Supplementary notes

* ETFs: Exchange Traded Funds.

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Statistics on "Precious metals"

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