Global gold demand share by sector 2020

The jewelry industry accounted for a 36.83 percent share of global gold demand in 2020, which amounted to about 1,400.8 metric tons. Jewelry was the largest gold demanding industry worldwide in most recent years, but was the second after investment demand in 2020.

What is gold used for?

Gold is a transition metal that has characteristically bright yellow coloring. Besides its most famous use, in jewelry, it has many different useful applications. One use is conducting, as it is a very efficient conductor that can carry tiny electrical charges. As a result, gold is found in cell phones and televisions. In 2020, gold used for technology accounted for nearly eight percent of global gold demand. It is also used in dentistry, as it is the best material for fillings and crowns since it is easy to insert. Gold used in investing was the largest demand sector in 2020, accounting for nearly 47 percent of global gold demand.

Gold mining worldwide

The world production of gold mines has increased steadily over the years since 2005. In 2005, about 2,470 metric tons of gold was produced. In 2020, about 3,200 metric tons were produced. That was a slight drop in production compared to the previous three years, likely attributable to the closure of many mines during 2020 as a result of the global coronavirus pandemic. The countries that produced the most gold in 2020 were China, Australia, and Russia. China produced an estimated 380 metric tons, Australia produced 320 metric tons, and Russia produced 300 metric tons.