We assume you are here because you want to dig deeper and know some gold market statistical facts before buying gold.
But let’s face it, going through the graphs and data on different websites with so many numbers is tiring and boring.
So we have compiled a list of bit-sized stats with reliable sources that will take just a few minutes to read and give you an outlook on the gold market and demand.
This blog will take you through statistical facts about gold on a global and Indian scale.
Global Statistical Facts On Gold
You need to make sure that you know as much as you can about gold to base your investment decisions. These data points will help you get a global outlook on gold. Let’s look at some interesting insights…
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Even today, the highest amount of gold is used in…
“Jewellery”. If we look at this data from trading economics, we can see that about 50% of the world’s gold consumption is in jewellery, 40% in investments, and 10% in industry. Now, it is clear that Indians are not the only ones who love gold jewellery.
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You must be knowing that the price of gold rises with inflation, but do you know how much?
According to WGC ( World Gold Council ), for every 1% increase in inflation, there is a 2.6% increase in short-term demand for gold. So next time you think about buying gold, keep this point in mind.
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Yes, China is the largest gold producer in the world as of 2021
As per the report by Statista, China produced approximately 370 metric tonnes of gold in 2021.
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Do you know, how much investment gold generated in 2020?
As per the report by Statista, gold generated 25% returns on investment which is a good number for a safe haven asset. It has even given approximately 31% in 2007.
Gold Statistics In India
Well, gold is a big part of Indian culture and let us tell you, the Indian gold market is huge. Read these facts and you will know why.
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Well well well…Weddings drive the highest demand for gold in India
In India, marriages account for 50% of the total annual gold demand according to World Gold Council. So now you know, weddings are good for the economy as well.
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RBI holds tonnes of gold
RBI ( Reserve Bank Of India)
Yeah, you read it right. RBI holds tonnes of gold. As of March 2021, the central bank held 760.42 metric tonnes of gold. It uses these gold reserves to stabilise the economy in the event of unexpected economic instabilities.
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Now, Let’s look at gold consumption in India statistics 2022
WGC (World Gold Council)
Gold consumption in India for the first half of 2022 was around 800 tonnes. It remained 42% higher than in the first half of 2021.
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India became the 4th largest country for recycling gold in 2021. Isn’t that amazing?
It’s a shocker that even gold is recycled. As per an article by the economic times, India recycled about 75 tons of gold which is 6.5% of the total gold recycled globally.
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If we talk about gold demand in India statistics, Gold is owned by more than 75% of households in India.
(IGPC sponsored by World Gold Council)
These numbers revealed India’s innate love for gold. According to the national household survey of gold consumption, 75% of Indian households own gold and 90% prefer to buy gold using cash.
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Finally, here are the latest gold price statistics in India.
India witnessed the highest gold price ever in 2022. According to the bank bazaar, the gold price at the end of the first 8 months is around 52000 for 10grams of 24-karat gold.
A Final Word
From the above data facts, it is clear that buying gold is a good way to save money in gold. But what if you don’t get purest quality gold? You are right. You will not get the value for your money even after going out there in search of a trusted jeweller and investing your precious time. But what if we told you that you can get pure hallmarked gold at your doorstep? Yes, you heard that right. You can buy gold online from the website of Gujarat Gold Centre (GGC).
