Global Gold Market Capitalization Hits US$ 15 Trillion in March 2024

Gold has been revered since ancient times for its beauty and permanence. While a significant portion of today's gold production is used in jewelry manufacturing, its superior electrical conductivity, resistance to corrosion, and other desirable physical and chemical properties have made it indispensable in various industries since the late 20th century. Gold plays critical roles in computers, communication equipment, spacecraft, jet aircraft engines, and numerous other products. Despite its industrial and artistic importance, gold maintains a unique status among commodities as a long-term store of value. Until recently, it was primarily considered a monetary metal, with much of the yearly bullion production being stored in government treasuries or central banks' vaults.

 

According to the World Gold Council, estimated global gold consumption in 2023 was distributed as follows: jewelry accounted for 44%, central banks and other institutions for 21%, physical bars for 16%, official coins and medals, including imitation coins, for 8%, and technology for 6%.

 

Approximately 272,000 metric tons of gold have been discovered to date, consisting of historically produced amounts totaling 213,000 metric tons and current underground reserves amounting to 59,000 metric tons. In 2023, the most significant gold producers included China (370 tons), Australia and Russia (each producing 310 tons). Canada ranked fourth in gold production with 200 tons, followed by the United States with 170 tons and Kazakhstan with 130 tons.

 

Regarding the surge in gold prices, it is estimated that the global gold market capitalization reached US$15 trillion in March 2024. This amount represents approximately 13% of the world's GDP.

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