According to Fortune Business Insights, The global gold market size was valued at USD 276.04 billion in 2023. The market is expected to grow from USD 291.68 billion in 2024 to USD 457.91 billion by 2032, recording a CAGR of 5.8% during the forecast period. Asia Pacific dominated the gold market with a market share of 66.25% in 2023.
Fortune Business Insights™ displays this information in a report titled, "Gold Market, 2024-2032."
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LIST OF KEY COMPANIES PROFILED IN THE REPORT
Agnico Eagle Mines Limited (Canada)
FURUKAWA CO., LTD (Japan)
Harmony Gold Mining Company Limited (South Africa)
Kinross Gold Corporation (Canada)
Barrick Gold Corporation (Canada)
Gold Fields Limited (South Africa)
Newmont (U.S.)
Agnico Eagle (Canada)
Polyus (Russia)
AngloGold Ashanti (South Africa)
Pan American Silver (Canada)
Segmentation:
Rapidly Changing Fashion Trends Increased Product Use in Jewellery Fabrication
Based on application, the market is classified into jewellery fabrication, technology, investments, and central banks. The jewellery fabrication segment captured the biggest gold market share in 2023 as several regions across the world are witnessing a rapid change in fashion trends. The increasing consumer preference for personalized and unique jewellery has compelled market players to launch customized and elegant pieces that suited their customers’ tastes. Moreover, several customers are also opting for heirloom, handmade, and vintage jewellery, which will further boost the use of this metal in jewellery fabrication processes.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications and key market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Increasing Demand for Jewellery to Bolster Market Growth
While many precious metals are taken into consideration while making jewellery, gold takes the centerstage whenever manufacturers have to make bespoke and attractive pieces for their customers. The precious metal holds a lot of significance in many regions, especially Asia, where women wear jewellery made from this precious metal for festivals and weddings. Moreover, increasing disposable income and timeless appeal have prompted customers to increase their purchase of gold jewellery. These factors are expected to have a positive impact on the gold market growth.
However, stringent government regulations, such as the imposition of heavy import duties on this metal can impede the market’s progress.
Regional Insights:
Asia Pacific Dominated Global Market Due to High Cultural and Financial Significance of Gold
Asia Pacific held a dominant position in the global market as many countries across the region view gold as both a safe investment and a revered cultural symbol. Many industries across Asia Pacific use this precious metal for various purposes, such as in electronics and jewellery. These factors have played a crucial role in helping the regional market grow.
North America is also displaying healthy growth in the global market owing to the increasing demand for jewellery.
Competitive Landscape:
Key Players to Focus On Expanding Their Business Operations Through Various Organic and Inorganic Strategies
The market’s competitive landscape has depicted the presence of several leading and emerging companies that deal with the production and distribution of gold. These companies are focused on developing advanced technologies to improve the refinement process of this metal. They are also implementing a wide range of business growth strategies, such as partnerships and acquisitions to expand their business operations and remain competent.
Information Source: https://www.fortunebusinessinsights.com/gold-market-109454
Notable Industry Development:
In July 2024, Alrosa acquired the Degdekanskoye gold deposit in Russia from mining company Polyus through its subsidiary, JSC Almazy Anabara. The deal involves a 100% stake purchase in Magadan Geological Exploration Enterprise from JSC Polyus Krasnoyarsk, a subsidiary of PJSC Polyus.
In June 2024, Agnico Eagle announced plans to increase its investment in Maple Gold Mines Ltd., raising its ownership from 11.97% to 19.9%. This was achieved by purchasing additional shares, which grew from 40,852,415 to 74,674,257 common shares.