In 2023, the world produced over 3,000 tons of gold, with China, Australia, and Russia being the top producers. China was the largest producer, accounting for more than 12% of the global output.
China also emerged as the largest buyer of gold, with its central bank purchasing 225 tons of gold, according to the World Gold Council.
The gold produced in 2023 was primarily used in jewelry manufacturing, while a significant portion was sold as an investment, such as in gold bars or coins.
Breakdown of gold usage in 2023:
– Jewelry: 46%
– Central banks and institutions: 23%
– Physical bars: 16%
– Official coins, medals, and replicas: 9%
– Electrical and electronics: 5%
– Other uses: 1%
Pic source: Visual Capitalist