Top 10 Countries With The Highest Demand For The Gold

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.

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.

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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.