Gold Market Size, Share & Industry Analysis, By Application (Jewellery Fabrication, Technology, Investments, and Central Banks), and Regional Forecast, 2024-2032

The global gold market size was valued at USD 276.04 billion in 2023. The market is expected to grow from USD 291.68 billion in 2024 to USD 457.91 billion by 2032, recording a CAGR of 5.8% during the forecast period. Asia Pacific dominated the gold market with a market share of 66.25% in 2023.

Gold, a highly coveted precious metal, is renowned for both its luster and conductivity. It is a cornerstone in jewellery making, showcasing wealth and elegance. Its superior conductive properties make it indispensable in electronics, especially in connectors, switches, and relay contacts. Its resistance to tarnish and corrosion adds longevity to these devices. Additionally, it plays a pivotal role in dentistry for crowns and fillings, given its non-reactive nature. Moreover, its investment value as a hedge against inflation and currency devaluation highlights its versatility and persistent demand.

The COVID-19 pandemic significantly impacted the global market, driving investor demand for gold and gold bullion, viewing them as a safe-haven asset amidst economic uncertainty. This surge in demand led to a record high in their prices during 2020. However, disruptions in mining operations due to lockdowns and health concerns temporarily hampered the product’s supply. However, the pandemic also prompted innovative digital trading solutions and altered consumer behavior in jewellery markets globally.

Gold Market Trends

Incorporating Gold in Electrical and Electronic Components to Create New Lucrative Market Opportunities

Incorporating gold into electrical and electronic components has opened up new lucrative opportunities within the market. Known for its excellent conductivity and resistance to corrosion, it is becoming an essential material in the design and manufacturing of highly efficient and reliable components. This enhances the performance of devices and offers a longer lifespan and increased sustainability. As industries continue to demand higher standards for electronic gadgets and systems, the use of this metal is set to revolutionize product design, leading to innovations in the market and a competitive edge for the players. This strategic integration signals a significant shift toward high quality and performance in electronics.

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Gold Market Growth Factors

Rising Demand for Jewellery to Propel Market Expansion

The gold market share is poised for notable expansion, largely fueled by a growing demand for jewellery. As consumer preferences have evolved, there has been a shift toward precious metals, with gold standing out as a favorite. This surge in demand is not limited to any specific geography, but it is a global phenomenon, reflecting changing lifestyle aspirations and rising disposable incomes. Additionally, its intrinsic qualities, such as its timeless appeal and perceived investment value further encourage consumers to buy gold. Cultural and traditional factors play a significant role, especially in markets where the metal is deeply ingrained in social and ceremonial practices. Consequently, these dynamics are expected to continuously drive the growth of the market, making it an area of interest for investors and industry stakeholders.

RESTRAINING FACTORS

Strict Government Regulations to Impede Market Growth

Strict government initiatives, especially the imposition of higher taxes, significantly restrains the growth of the market. Taxes increase the cost of buying, deterring investors and consumers alike. This higher entry cost impacts demand, leading to a slowdown in the market. Furthermore, other regulatory measures, such as import restrictions or mandatory documentation complicate transactions, reducing market liquidity and attractiveness. These actions often aim to reduce fiscal deficits, control inflation, or discourage excessive investment, thereby redirecting financial resources to more productive economic sectors. However, these policies might unintentionally dampen the activity in the market, impacting traders, investors, and the wider economy linked to this valuable metal. This can potentially hinder the gold market growth.

Gold Market Segmentation Analysis

By Application Analysis

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Jewellery Fabrication Segment Dominated Market Due to Changing Fashion Trends

Based on application, the market is classified into jewellery fabrication, technology, investments, and central banks.

The jewellery fabrication segment held the largest market share in 2023. The jewellery fabrication sector leads the market and is significantly influenced by evolving fashion trends. As consumer preferences shift toward more diverse and personalized jewellery options, the demand for gold as a core material in these products has surged. Applications in this segment of the market include creating custom, bespoke pieces for individual clients, repairing & restoring vintage or heirloom jewellery, producing high-volume designs for commercial sale, and creating new techniques and innovative material combinations. This segment significantly influences fashion trends and luxury goods. This trend is expected to drive the segment’s growth in the global market.

The technology segment is predicted to witness notable growth in the coming years. In the gold market, technology plays a crucial role in refining extraction techniques, optimizing processing, and enhancing trading mechanisms. Innovations, such as blockchain enhance transparency, while new recovery methods increase efficiency and sustainability, significantly shaping the industry's future by reducing environmental impact and improving economic viability. In addition, investing in gold protects investors against inflation, causes portfolio diversification, and creates a safe haven during economic uncertainties. This strategy encompasses the tactical acquisition, retention, or disposal of assets, aiming to capitalize on market dynamics and safeguard wealth. By leveraging options, such as tangible gold, gold Exchange-Traded Funds (ETFs), and gold futures contracts, investors are able to broaden their investment mix and protect themselves against inflation. This provides a stable asset in times of economic instability and is expected to support the segment’s growth.

REGIONAL INSIGHTS

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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Asia Pacific occupied the dominant share of the global market and generated USD 182.88 billion in 2023. In this region, gold serves both as a revered cultural symbol and a strategic investment. The applications span from jewellery, which is significantly in demand during festive and wedding seasons, to electronics, where its conductivity is indispensable. Central bank policies and geopolitical tensions also influence the price of gold, making it a dynamic and vital market in the region. Finally, the growing awareness of sustainable and eco-friendly fibers is influencing the market dynamics in Asia Pacific, thereby accelerating the regional market’s growth.

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The increasing demand for jewellery is boosting the growth of the market in North America. In the region, gold is primarily valued for its investment potential and industrial applications, notably in technology and aerospace. Additionally, technological advancements and demand for electronic components is expected to propel the market in the North American region.

Europe is expected to showcase significant growth in the global market during the forecast period. The region's wealth and stable economies drive investment demand, while cultural affinity ensures consistent jewellery consumption. Additionally, European central banks hold significant gold reserves, reflecting their role in financial stability and serving as a hedge against currency devaluation. This will further contribute to the rising product demand within the region.

Latin America and the Middle East & Africa markets are projected to grow considerably during the forecast period. In these regions, gold is pivotal in jewellery crafting and electronics production, driven by rich cultural heritage and technological advancements. Environmental sustainability and ethical sourcing are emerging as key considerations in the regional market’s growth and development.

KEY INDUSTRY PLAYERS

Key Companies to Execute Several Business Expansion Strategies to Cement Market Dominance

The market’s competitive landscape consist of reputed and budding companies. Agnico Eagle Mines Limited, FURUKAWA CO., LTD, Harmony Gold Mining Company Limited, and Kinross Gold Corporation are the key market players. Global players in the market have heavily invested in developing better technologies to improve the product output. Superior operational efficiency and novel technology development are the strategies the market leaders are using for their growth.

List of Top Gold Companies:

• Agnico x (Canada)


• FURUKAWA CO., LTD (Japan)


• Harmony Gold Mining Company Limited (South Africa)


• Kinross Gold Corporation (Canada)


• Barrick Gold Corporation (Canada)


• Gold Fields Limited (South Africa)


• Newmont (U.S.)


• Agnico Eagle (Canada)


• Polyus (Russia)


• AngloGold Ashanti (South Africa)


• Pan American Silver (Canada)

KEY INDUSTRY DEVELOPMENTS:

• In July 2024, Alrosa acquired the Degdekanskoye gold deposit in Russia from mining company Polyus through its subsidiary, JSC Almazy Anabara. The deal involves a 100% stake purchase in Magadan Geological Exploration Enterprise from JSC Polyus Krasnoyarsk, a subsidiary of PJSC Polyus.


• In June 2024, Agnico Eagle announced plans to increase its investment in Maple Gold Mines Ltd., raising its ownership from 11.97% to 19.9%. This was achieved by purchasing additional shares, which grew from 40,852,415 to 74,674,257 common shares.


• In March 2023, the Pan American Silver Corporation announced the acquisition of all the issued and outstanding common shares of Yamana Gold Inc. as part of the arrangement, which includes its mines. This move helped the company increase its geographical operations in Latin America.

REPORT COVERAGE

The research report provides a detailed market analysis and focuses on crucial aspects, such as leading companies and applications. In addition, it provides quantitative data regarding volume and value, market analysis, research methodology for market data, insights into market trends, vital industry developments, and the competitive landscape. In addition to the above-mentioned factors, the report encompasses various factors that have contributed to the market's growth in recent years.

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Report Scope & Segmentation