Gold Market Size, Share, and Industry Analysis, By Application (Jewelry, Finance, Bullion, and Others), and Regional Forecast, 2024-2032

The jewelry segment primarily drives the gold market. Gold is a precious metal mainly used as the symbol of luxury, superiority, and wealth. Furthermore, gold is used to increase the value of various ranges of decorative items, such as badges and medals for recognition. Gold's malleability provides the ability to be hammered into very thin sheets and it can also be melted and cast into ornate shapes, which helps creativity in jewelry. In addition, it mixes easily with other metals and the purity is often diluted to decrease this malleability and softness. This suits specialist jewelry production, which needs to be strong enough to hold stones.

The bullion segment also drives the gold market. The segment refers to the trading and investment in physical gold, primarily in the form of bars or coins. Investors and traders use this segment to hedge against inflation, diversify investment portfolios, and seek safe-haven assets during times of economic uncertainty. It plays a crucial role in setting global gold prices and offers liquidity to the gold market.

• According to the U.S. Geological Survey, in 2022, China was the largest producer of gold in the Asia Pacific region. Australia, Indonesia, and Uzbekistan were the other top producers in the region, with 320 metric tons, 100 metric tons, and 70 metric tons mined in 2022. 

In semiconductor fabrication, gold is employed in various critical processes. Gold wire bonding is a common technique to connect semiconductor chips to the lead frames in integrated circuits and other electronic packages. Gold is also used as a bonding material in flip-chip packaging, providing excellent electrical and thermal conductivity. The electronics sector also drives the gold market. Gold is highly conductive and corrosion-resistant, making it ideal for connectors and contacts in electronic devices. Gold-plated connectors ensure reliable electrical conductivity and signal transmission in smartphones, computers, televisions, and automotive electronics.

By region, the major gold market consumers are China, Japan, and India in Asia Pacific; the U.S. and Canada in North America; Germany and France in Europe; and Saudi Arabia and the UAE in the Middle East.

• In 2022, India's gold jewelry demand was at 600.56 tons


• China's demand stood at 570.8 tons in the year 2022.

Key Insights

The report covers the following key insights:

• Key Emerging Trends – For Major Regions


• Key Developments: Mergers, Acquisitions, and Partnerships


• Latest Technological Advancement


• Insights on Sustainability


• Porters Five Forces Analysis


• Impact of COVID-19 on the Market

Segmentation

Analysis by Application

By application, the jewelry segment holds a considerable share of the global gold market.

• The gold market plays a vital role in the jewelry segment due to the metal's unique properties. Gold is preferred for crafting fine jewelry due to its luster, durability, and malleability. It can be easily shaped into intricate designs, making it ideal for crafting elaborate necklaces, bracelets, earrings, and rings.


• In addition, gold is also widely used in fashion or costume jewelry. Fashion jewelry pieces are often more affordable and may feature lower-karat gold mixed with other metals, including copper and silver, to create various colors and styles.

Regional Analysis

The Asia Pacific region holds a considerable share of the gold market. Asia Pacific is one of the largest producers of gold, driven by China, Australia, and India. China is the largest gold producer and holds the largest share in this region. A higher number of auspicious wedding days in the country will also increase the demand for gold jewelry, boosting the market growth in this region. Asia Pacific region also has the fastest growth in demand for gold, which has caught the attention of base metal markets. The high growth rates of Asia over the past decade have surpassed that of the developed world. Gold has traditionally played a significant role in people's lives in Asia and the lack of alternative forms of investment has driven its attraction. However, as the region's wealth increases, it raises concerns about the sustainability of gold demand with the emergence of growing investment options.

Consumption of Gold, By Country, 2022

• China – 824.9 metric tons


• India  – 774 metric tons


• Saudi Arabia – 268.2 metric tons


• U.S.  –  256 metric tons


• Germany – 196.4 metric tons


• Turkey – 121.5 metric tons

Key Players Covered

The report includes the profiles of key players, such as Agnico Eagle Mines Limited, Barrick Gold Corporation, FRANCO-NEVADA CORPORATION, FURUKAWA CO., LTD, Gabriel Resources Ltd., Harmony Gold Mining Company Limited, Jinshan Gold, Johnson Matthey, Kinross Gold Corporation, and New Gold. Inc.

Key Industry Developments

• In March 2023, 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 and increased the geographical operations of the company in Latin America.

In February 2023, Barrick Gold announced a 10% increase in attributable proved and probable gold mineral reserves to 76 million ounces net of depletion in 2022 while maintaining current reserves.