Global Gold Market 2024

Gold Market Size

In 2021, the global gold market decreased by -7.3% to $X for the first time since 2018, thus ending a two-year rising trend. The market value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market reached the maximum level at $X in 2020, and then shrank in the following year.

Gold Production

In value terms, gold production contracted to $X in 2021 estimated in export price. Over the period under review, the total production indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +4.7% against 2016 indices. The growth pace was the most rapid in 2016 when the production volume increased by 39%. Global production peaked at $X in 2020, and then shrank in the following year.

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Gold Exports

Exports

In 2021, shipments abroad of gold increased by 2.4% to X tons, rising for the second consecutive year after four years of decline. In general, exports, however, recorded a perceptible reduction. The pace of growth appeared the most rapid in 2013 when exports increased by 25% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the global exports failed to regain momentum.

In value terms, gold exports stood at $X in 2021. Overall, total exports indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +38.1% against 2018 indices. The most prominent rate of growth was recorded in 2020 with an increase of 30%. Over the period under review, the global exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Switzerland (X tons), distantly followed by the UK (X tons), the United Arab Emirates (X tons), Hong Kong SAR (X tons), the United States (X tons) and Peru (X tons) were the key exporters of gold, together comprising 53% of total exports. Australia (X tons), Russia (X tons), Singapore (X tons), Canada (X tons), Japan (X tons) and Argentina (X tons) followed a long way behind the leaders.

Switzerland experienced a relatively flat trend pattern with regard to volume of exports of gold. At the same time, the UK (+15.1%), Singapore (+14.9%), Russia (+13.8%), Japan (+2.6%) and Peru (+2.4%) displayed positive paces of growth. Moreover, the UK emerged as the fastest-growing exporter exported in the world, with a CAGR of +15.1% from 2012-2021. Australia and Canada experienced a relatively flat trend pattern. By contrast, the United States (-4.2%), Hong Kong SAR (-5.9%), Argentina (-7.1%) and the United Arab Emirates (-9.2%) illustrated a downward trend over the same period. The UK (+6.9 p.p.), Singapore (+2.8 p.p.), Russia (+2.8 p.p.), Switzerland (+2.1 p.p.) and Peru (+1.6 p.p.) significantly strengthened its position in terms of the global exports, while Hong Kong SAR and the United Arab Emirates saw its share reduced by -2.7% and -6.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Switzerland ($X) remains the largest gold supplier worldwide, comprising 21% of global exports. The second position in the ranking was held by the UK ($X), with a 10% share of global exports. It was followed by the United Arab Emirates, with an 8.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Switzerland was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: the UK (+37.8% per year) and the United Arab Emirates (+0.5% per year).

Export Prices by Country

In 2021, the average gold export price amounted to $X per kg, standing approx. at the previous year. Overall, export price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +3.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold export price increased by +45.9% against 2018 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 29% against the previous year. The global export price peaked in 2021 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per kg), while Argentina ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+19.7%), while the other global leaders experienced more modest paces of growth.

Gold Imports

Imports

In 2021, purchases abroad of gold was finally on the rise to reach X tons after five years of decline. Over the period under review, imports saw mild growth. The most prominent rate of growth was recorded in 2013 with an increase of 46%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of global imports failed to regain momentum.

In value terms, gold imports rose notably to $X in 2021. The total import value increased at an average annual rate of +3.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 31% against the previous year. Global imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Switzerland (X tons), distantly followed by India (X tons), the UK (X tons), China (X tons), Hong Kong SAR (X tons) and the United Arab Emirates (X tons) represented the major importers of gold, together making up 72% of total imports. Canada (X tons), Singapore (X tons), the United States (X tons), Italy (X tons), Germany (X tons) and Thailand (X tons) followed a long way behind the leaders.

Switzerland experienced a relatively flat trend pattern with regard to volume of imports of gold. At the same time, the UK (+24.4%), Singapore (+21.4%) and Germany (+7.3%) displayed positive paces of growth. Moreover, the UK emerged as the fastest-growing importer imported in the world, with a CAGR of +24.4% from 2012-2021. India and Italy experienced a relatively flat trend pattern. By contrast, Canada (-2.2%), the United States (-3.5%), Thailand (-6.0%), Hong Kong SAR (-6.6%), the United Arab Emirates (-9.1%) and China (-15.0%) illustrated a downward trend over the same period. The UK (+9.7 p.p.), China (+9.5 p.p.) and Singapore (+2.5 p.p.) significantly strengthened its position in terms of the global imports, while the United States, Thailand, Switzerland, Hong Kong SAR and the United Arab Emirates saw its share reduced by -1.6%, -1.7%, -3.8%, -6.5% and -7.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Switzerland ($X), India ($X) and the UK ($X) were the countries with the highest levels of imports in 2021, with a combined 51% share of global imports.

The UK, with a CAGR of +28.7%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average gold import price amounted to $X per kg, which is down by -7.4% against the previous year. Overall, import price indicated measured growth from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold import price increased by +28.7% against 2016 indices. The most prominent rate of growth was recorded in 2020 when the average import price increased by 29%. As a result, import price attained the peak level of $X per kg, and then declined in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was the UK ($X per kg), while Canada ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+11.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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