Global gold consumption volume 2023, by selected country

In 2023, China topped the list of major gold consuming countries, with consumer demand amounting to 910 metric tons.

Gold consumption

Gold is a very valuable and widely used metal. In addition to its attractive appearance, it has properties that make it suitable for many important uses beyond jewelry. These uses include electronics (due to its conductivity and resistance to corrosion), dentistry, glassmaking, and more. Gold bars and coins are also used by many banks and individuals as a means of investing due to their limited supply and high value. In 2023, the reported consumption of gold in the United States stood at some 250 metric tons.

Gold demand by sector

The jewelry industry has the largest overall demand for gold of any sector worldwide that uses it by far, with a demand of some 2,168 metric tons of gold in 2023. By comparison, world gold production from mines in 2023 was estimated to have been some 3,000 metric tons. Gold consumption through jewelry was also the largest use of gold in China.