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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.
The global market size is predicted to increase at a considerable rate over the forecast period. Gold is a valuable metal primarily used as a sign of affluence, prosperity, and supremacy. Additionally, gold is highly adopted to accelerate the worth of different varieties of decorative pieces, including medals and badges for appreciation. Gold, a highly coveted precious metal, is renowned for both its luster and conductivity. It is a cornerstone in jewellery making, showcasing wealth and elegance. Its superior conductive properties make it indispensable in electronics, especially in connectors, switches, and relay contacts.
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Major Players Profiled in the Report:
Johnson Matthey (U.K.)
Agnico Eagle Mines Limited (Canada)
FRANCO-NEVADA CORPORATION (Canada)
FURUKAWA CO., LTD (Japan)
Barrick Gold Corporation (Canada)
Gabriel Resources Ltd. (U.K.)
New Gold. Inc. (Canada)
Harmony Gold Mining Company Limited (South Africa)
Jinshan Gold (Canada)
Kinross Gold Corporation (Canada)
Fortune Business Insights presents this information in their report titled "Gold Market, 2024–2032."
Segments:
On the basis of application, the market is divided into jewelry, bullion, finance, and others.
From the regional ground, the market is segmented into Latin America, Asia Pacific, North America, the Middle East & Africa, and Europe.
Report Coverage
The thorough market research report explores important topics, such as the distribution channels, prominent product types, and the competitive environment. The report offers insightful information about current market trends and noteworthy developments in the field. It also comprises different aspects that have assisted in the recent market growth. The study provides a comprehensive analysis of these variables, providing an overall picture of the market's current and future potential. Stakeholders can use this information to create successful strategies and make well-informed decisions.
Drivers
Surging Demand for Gold-plated Connectors for Consistent Electrical Conductivity to Propel Market Expansion
Gold can be shaped into very thin sheets, and it can also be liquefied and cast into ornamental shapes due to its flexibility, which boasts creativeness in jewelry. Moreover, it blends effortlessly with other metals, and the purity is frequently diluted to reduce this malleability and softness. This is convenient for professional jewelry making, which needs to be resilient enough to hold stones. The investment in physical gold, principally in the form of bars or coins, is considered bullion. Investors and traders prefer bullion to expand investment groups and look for safe-haven belongings during times of economic uncertainty. It plays a vital role in setting global gold rates and provides liquidity to the market.
Gold is widely used in several crucial methods In semiconductor production. Gold wire bonding is a general procedure for attaching semiconductor chips to the main frames in integrated circuits. Gold is also adopted as a connecting material in flip-chip packaging, offering exceptional electrical and thermal conductivity. Gold is gaining traction in connectors and contacts in electronic devices as it is conductive and corrosion-resistant. Gold-plated connectors guarantee consistent electrical conductivity and signal transmission in automotive electronics, computers, televisions, and smartphones. All these aspects contribute to gold market growth.
Regional Insights
Asia Pacific Leads the Market Due to Increased Investments in Gold
Asia Pacific accounts for the largest gold market share as it is one of the main manufacturers of gold. China is the leading gold creator and registers the highest share in this region due to rising demand for gold jewelry owing to an increase in auspicious wedding days. Increased investments in gold due to its sustainability are fueling market expansion in the region.
Information Source: https://www.fortunebusinessinsights.com/gold-market-109454
Competitive Landscape
Prominent Players Offer Customized Product Designs to Meet Consumer Demands
Top participants are concentrating on their strategy-building model to enhance their product portfolio and expand their business in the global market. They emphasize acquisitions, customized product designs, partnerships, new developments, and service offerings to meet consumer demands.
Key Industry Developments
March 2023: Pan American Silver Corporation acquired all the issued and outstanding common shares of Yamana Gold Inc. as part of the plan, which involved its mines and augmented the geographical procedures of the company in Latin America.
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