World Gold Production and Consumption by Each Country
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If you’re planning to invest in gold, it’s viable to be aware of worldwide production and consumption of gold. It will help you analyse the importance of gold across the world and whether you should invest in gold in your own country.
Ahead, we’ve rounded a list of top 5 countries based on their gold consumption and production.However, their ranks may vary due to external factors like supply restriction, price surge, political turbulence, and economic instability.
Top five Gold producing Countries
China’s gold production is over 355 metric tons every year. There are countless gold mines in China that are located across the country, but are majorly found in the provinces of Xinjiang and Shandong. Gold production experienced a massive surge in the past few years with the discovery of new mines in Xinjiang province, with each mine contributing around 200 tons of gold.
Yearly gold production in Australia is around 270 metric tons. Though the major mines are situated in Western Australia, gold is discovered in several states across Australia.
The United States
With nearly 237 metric tons of gold produced every year, the US stays at the third rank on the list. Nevada has some of the most massive mines that contributed to up to 78 percent of total US gold production in 2015.
Russia is responsible for the production of over 200 metric tons of gold every year. This production rate, however, changes every year and sometimes it may beat the U.S. gold production, moving Russia up to the third rank.
With a yearly gold production of 190 metric tons, South Africa has been a leading producer of gold along with silver, palladium, and other precious metals.For a long period South Africa remained the top producer of gold, however, the production declined in the past years due to political and economic factors.
Top five Gold Consuming Countries
In many parts of the world, gold is viewed as a symbol of wealth.Based on the culture and values of people living in different counties, this investment may be in the form of coins, biscuits, raw bullions, and jewellery.
Here is a list of top 5 countries that consume the most gold.
China’s gold consumption is approximately 984 metric tons per annum. Two-third of the gold consumed in China is imported from neighboring countries.It is readily available in china for several uses including investment, industrial purposes, ornaments, and jewellery.In some Chinese banks, gold is even sold over-the-counter in the form of coins and biscuits.
With 849 metric tons of gold consumption in one year, India stays on the second rank. However, this number isn’t consistent and it may vary as per the change in economic stability.
The gold mining industry of India is based on a very small scale, which is why majority of its gold consumption is imported. In India, gold is mostly used for ornamental purposes and jewellery making and it is seen as a sign of value and prestige for a household.
The United States
The total gold consumption in United States is nearly 193 metric tons per annum. It is majorly used for investment and industrial purposes, followed by jewellery making.
On average, Germany consumes an estimated 124 metric tons of gold per year. Majority of this consumption is for industrial applications.
The yearly gold consumption in Thailand is around 90 metric tons. Majority of this consumption comes from the long gold chains, and other jewellery and ornaments that are widely sold across the country.