8 Countries With Highest Gold Consumption By Year

2. India 

Average Per Year Gold Consumption: 672.4 metric tons 

Gold Consumption In 2022: 774 metric tons 

Gold Consumption in 2021: 797.3 metric tons

Gold Consumption in 2020: 446 metric tons

India’s gold consumption is currently 672.4 metric tons per annum, as per World Gold Council data. The nation has long-standing cultural, religious, and economic affinities towards gold, along with its preference to use it for hedging against economic uncertainties. On an individual level, the country’s per capita gold consumption is only 0.55 grams because of India’s dense population.