Top 10 Countries With The Highest Demand For The Gold
February 29, 2024
Gold is one of the ancient assets of the world, a famous heaven against risks in human history.
In today’s world, the gold market is composed of different aspects, from consumption for jewelry to investment consumption like coins and gold bars.
Do you know the top 10 countries with the highest demand for gold?
This is the topic of this article by Aron Groups Broker, first, we will get to know the top countries with the highest demand for the gold market, and then speak about the gold market players, and some information about this important market.
Table of Contents
Top 10 Countries With The Highest Demand For The Gold
Gold is a precious metal, a very valuable asset for both jewelry and investment.
All countries of the world are using gold, among them, there are the top 10 countries that have the highest demand for the gold market.
The top 10 counties with the highest demand for the gold market are as follows.
#1. India
India is the most populous country in the world, this is true in 2023, as China’s population is declining while India’s population is growing very fast.
- Indian culture is full of using gold for different ceremonies, this is a very important reason for gold consumption in India
- Although the first and major consultation is in jewelry, gold is also used for investment by different parts of the Indian population
India has a growing population, and the economy is growing in this country, this means that India will remain at the top of this list and the consumption of gold in this country will keep growing.
#2. China
It’s no wonder that China with its huge economy, and great population is on the second list of the top countries with the highest demand for gold.
- China is behind India in the gold consumption
- The majority of the gold consumption is in jewelry, and then as an investment asset
- With a growing economy and higher income along more population, China will remain among the top countries of the world with the highest demand for the gold
China is the second biggest economy in the world, has a long history, and gold has always played an important role in China.
#3. The United States of America
The United States of America, with over $23T in GDP, is the wealthiest country in the world, and the gold market is among the biggest markets in this country.
- As the US has the most advanced financial markets in the world, the gold market in its investment part has more information role, although gold consumption in jewelry is also growing
The United States of America has a 340M population, and it’s natural to be behind the two most populated countries in the world. The gold market is used as an alternative investment in the US when the risks rise and the economy is demand lining, demand the gold increasing exponentially.
#4. United Arab Emirates
It may be wondering but UAE is one of the top countries with the highest demand for gold.
There are many reasons for UAE has become a top gold consumer in the world, these are:
- Using gold is in the culture of this country, people of this country use gold for different reasons, and gold is a very important asset among people
- UAE is growing very fast, Dubai and Abukhabi are investing heavily in their infrastructure, and millions of people visiting this country are among the top consumers of the gold in UAE
- Dubai is also a financial center in the world, and this is also one of the most important reasons that UAE has become one of the countries with the highest demand for the Gold
For the future, UAE is expected to grow fast, and demand for jewelry in this country will keep rising both jewelry, and investment as the UAE economy and tourism are growing very fast, and there are a lot of ambitious projects in this country that will be implemented.
#5. Indonesia
Indonesia is a growing country with a vast population and an economy that is growing very fast.
- Gold consumption is used majority in jewelry, and then in the investment
- Indonesia is growing very fast, has a growing population, and is one of the top countries with the highest demand for the gold
As Indonesia is growing, demand for the gold in this country is also growing very fast, and the gold market will have a bright future in this country.
#6. United Kingdom
The United Kingdom is among the top economies in the world, and in this country, gold is used extensively as jewelry.
- Also, as financial markets have grown, investing in the gold market has become very popular too
- The same as other countries, jewelry is a very important part of gold consumption in the UK, but investing is also a growing trend
As gold prices are increasing, demand for investing in gold as an alternative investment in risky times will keep growing.
#7. Russia
Russia is among the top countries with the highest demand for gold.
- As the war started with Ukraine, demand for gold has also grown for investing in Russia
- By increasing global tensions, it’s completely natural to see growth in the consumption of gold by the Rissian people
#8. South Korea
South Korea has a modern and growing economy, jewelry is part of the culture of this country and it’s very natural to see this country has one of the highest demands for gold in the world.
#9. Iran
Iran is a great ancient country with glorious history, and in today’s world, gold is part of the culture of this country.
- The majority of the gold consumption is for jewelry and then investing in this country
- With the expansion of the financial markets in Iran, the gold market is used as an investing asset more than ever
With the growth of the population, we expect more demand especially in the investment section for gold in Iran.
#10. Italy
And among the top 10 countries with the highest demand for gold, we have Italy.
Italy also has a high demand for the gold market for both jewelry as the fashion center of the world and as an investment asset against risks.
Top 10 Gold Producing Countries
So far, we have talked about the countries with the highest demand for gold. The following are the countries producing most of the gold consumed worldwide.
- China: Producing more than 355 metric tons of gold per year.
- Australia: Producing approximately 270 metric tons of gold per year.
- The United States: Producing about 237 metric tons per year.
- Russia: Producing more than two hundred metric tons of gold per year.
- South Africa: Producing approximately 190 metric tons of gold per year.
- Prue: Producing an estimated 100 50 metric tons of gold per year.
read more: What Factors Changing The Gold Prices?
Players Of The Glod Market
The gold market is global with many different players.
After getting to know the top 10 countries with the highest demand for gold, it’s time to know about different players in the gold market.
The most important players in the gold market are:
- Governments
- Central banks
- Banks
- Financial institutions
- Companies
- Individuals
- Traders
read more: Getting To Know The Gold Market Players
The Final Thoughts
In this article, we introduced you to the top 10 countries with the highest demand for the gold market.
As tensions are increasing across the world, it’s expected that gold prices to increase, and demand for investing in gold keep rising.
If you want to start trading in the gold market, Aron Groups Broker has special offers for you, click here.
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