With its huge jewelry industry, India consumption is 50 times higher than the internal offer. Meanwhile, China produces more than a third of the gold that it requires.
This graphics compare the demand for gold (in tons) with the internal production of gold in 10 countries.
Gold plays a central role in the culture of India, is considered a repository of values, a symbol of wealth and status, as well as the fundamental part of many rituals, including as gifts for Wedding.
with a population of more than a billion, India occupies first place in our ranking with significant demand for gold, primarily for jewelry and gold bullion.
China takes second place, while the demand is primarily due to the role of gold as a repository of cost. Central banks are looking for gold as hedging from inflation and currency devaluation. Since 2022, the People’s Bank of China has increased its gold reserves by 316 tons.
in third place in the demand of the US gold in demand, 249 tons in 2023 compared with the internal offer of 167 tons.
Turkey takes fourth place, and production in 2023 was 37 tons, which is five times lower than its demand in 202 tons.
Turks purchase gold in conditions of extremely high inflation.
In Russia, gold mainly goes to the Central Bank.
