Gold demand worldwide by sector 2019

This statistic shows the global gold demand in 2019, sorted by sector. In that year, the global technology industry accounted for approximately 327 metric tons of gold demand. 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 2,119 metric tons in 2019, while demand for gold totaled over 870 metric tons for total bar and coin use. The consumption of gold reached 150 metric tons in the United States in 2019 and 1,003 tons in China in 2019. Following global patterns, China used gold primarily for jewelry, consuming 676 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 1,392.60 U.S. dollars per troy ounce in 2019. About 3,300 metric tons of gold was produced in mines globally in 2019. China produced the majority of the global share of gold, mining 420 metric tons in 2019. 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 2020.

Demand for gold worldwide by sector in 2019

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Sources

Release date

April 2020

Region

Worldwide

Survey time period

2019

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Statistics on "Gold"

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