This brief article will discuss the top 8 countries’ gold consumption by year. If you want more insights into the world’s gold demand and consumption, read 20 Countries With Highest Gold Consumption By Year.
8. Thailand
Average Per Year Gold Consumption: 52 metric tons
Gold Consumption In 2022: 37.9 metric tons
Gold Consumption in 2021: 36.7 metric tons
Gold Consumption in 2020: 81.5 metric tons
Thailand’s average annual consumption is 52 metric tons and correlates to a per capita gold consumption of 0.54 grams. The country’s per capita consumption signals a healthy appetite for gold in comparison to other countries. Factors influencing this consumption rate include gold’s role in Thai traditions, its status as a symbol of wealth and as an investment vehicle.
7. Iran
Average Per Year Gold Consumption: 59.9 metric tons
Gold Consumption In 2022: 71.7 metric tons
Gold Consumption in 2021: 51.8 metric tons
Gold Consumption in 2020: 56.3 metric tons
Based on the past 3 years data of countries with the highest gold consumption by year, Iran’s average use of the precious metal reached 59.9 metric tons in 2022. This statistic is further supported by a per capita consumption rate of 0.84 grams. Regardless of the changing political dynamics, the country’s trust in gold as a safe haven has remained stable over the years.
6. Turkey
Average Per Year Gold Consumption: 121.2 metric tons
Gold Consumption In 2022: 121.5 metric tons
Gold Consumption in 2021: 95.3 metric tons
Gold Consumption in 2020: 147 metric tons
The average gold consumption in Turkey by year is said to be 121.2 metric tons, and since most of it is imported, it reflects the expansive appetite for gold within the country. Also, the per capita gold consumption is 1.42 grams in Turkey, giving the nation a place amongst top 10 gold consuming countries.
5. Germany
Average Per Year Gold Consumption: 178.5 metric tons
Gold Consumption In 2022: 196.4 metric tons
Gold Consumption in 2021: 173.1 metric tons
Gold Consumption in 2020: 166 metric tons
Germany’s annual gold consumption averages 178.5 metric tons, which translates to 2.36 grams per capita. As the largest economy in Europe, Germany’s elevated gold demand contributes to the global gold market and proves the metal to be a long-standing asset across the globe.
4. Saudi Arabia
Average Per Year Gold Consumption: 220 metric tons
Gold Consumption In 2022: 268.2 metric tons
Gold Consumption in 2021: 219.9 metric tons
Gold Consumption in 2020: 172 metric tons
The country with the highest gold consumption in the Middle East is Saudi Arabia, which averages 220 metric tons annually. Such diverse gold usage also affirms its socio-cultural predilection towards gold as it serves as an investment and a symbol of status.
3. United States
Average Per Year Gold Consumption: 235 metric tons
Gold Consumption In 2022: 256 metric tons
Gold Consumption in 2021: 264 metric tons
Gold Consumption in 2020: 187 metric tons
The USA is the 3rd largest consumer of gold in the world 2023 with the metal’s average demand of approximately 235 metric tons, according to the World Gold Council. Moreover, the country’s per capita gold usage is 0.77 grams, used mostly in jewelry making and as investment.
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.
1. China
Average Per Year Gold Consumption: 819.86 metric tons
Gold Consumption In 2022: 824.9 metric tons
Gold Consumption in 2021: 993.7 metric tons
Gold Consumption in 2020: 641.3 metric tons
China is top amongst the countries with the highest gold consumption by year, averaging at 819.86 metric tons. Moreover, China’s per capita gold consumption is approximately 0.56 grams, which shows a growing wealth for the country’s huge middle class.
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