Gold facts

Gold is a precious metal commonly used for investments and jewellery (rings, necklaces, watches, etc.). Its superior electrical conductivity and resistance to corrosion also make it an important input in various electronic and technology applications.

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Uses

Jewellery remained the largest driver of global gold demand in 2023, accounting for 49% of total usage, or approximately 2,189 tonnes. Investment demand for gold, however, dipped by 4% compared to 2022, due to the higher opportunity cost of holding gold. Despite this decline, central banks continued to maintain significant gold reserves, spurred by ongoing economic uncertainties and inflationary pressures. Meanwhile, about 6% of global gold demand came from technology applications, primarily for use in micro-circuitry across various electronic products.

Production

Gold production from Canadian mines has steadily increased over the past decade, reaching 198 tonnes in 2023—a 2% increase from the previous year and 31% higher than in 2014.

Yukon saw a significant 49% rise in production in 2023, while most other provinces and territories, except Ontario, experienced slight decreases. Ontario and Quebec together accounted for 70% of Canada’s total gold production in 2023.

International context

Global gold mine production was estimated at 3,000 tonnes in 2023, almost equivalent to 2022 production.

The top five gold-producing countries accounted for 45% of the world’s annual gold output in 2023. Canada ranked fourth, with 6.7% of global mine production.

World gold mine production, by country, 2022 (p)

Ranking	Country	Tonnes	Percentage of total
1	China	370	12.3%
2	Australia	310	10.3%
3	Russia	310	10.3%
4	Canada	200	6.7%
5	United States	170	5.7%
6	Kazakhstan	130	4.3%
-	Other countries	1,300	43.3%
World total		3,000	100.0%

World reserves

Gold mineral ore reserve estimations are based on ore that can be considered reasonably, economically, and technically extractable at the time of estimation. According to the U.S. Geological Survey, world reserves of gold ore were estimated at 59,000 tonnes in 2023.

World reserves of gold, by country, 2023 (p)

Ranking	Country	Tonnes (thousands)
1	Australia	12.0
2	Russia	11.1
3	South Africa	5.0
4	United States	3.0
5	China	3.0
6	Indonesia	2.6
7	Brazil	2.4
8	Canada	2.3
-	Other countries	17.6
Total		59.0

Trade

Exports

• In 2023, the value of Canadian gold exports reached $30.2 billion, a 34% increase from $22.5 billion in 2022. This surge was fuelled by rising gold prices and strong demand from central banks seeking to diversify reserves and hedge against inflation and geopolitical risks. The market outlook suggests that if inflation stabilizes and interest rates fall, demand for gold could grow further as lower rates reduce the opportunity cost of holding non-yielding assets like gold, making it more attractive compared to interest-bearing investments such as bonds.
• Canada exported 100 tonnes of gold to the United Kingdom in 2023, accounting for 28% of Canada’s gold exports. The United Kingdom is a major importer of gold because of its role as a global financial hub for gold trade, where international investors purchase and sell gold via the London Bullion Market Association.
• Canada exported over 133 tonnes of gold to the United States in 2023, accounting for over 37% of Canada’s gold exports. This was an astonishing 221% increase from 2022.
• Canada’s exports of unwrought gold increased to 336 tonnes in 2023, up from 291 tonnes in 2022. The value of unwrought gold exports was $27.4 billion in 2022, increasing from $20.6 billion in 2022.
• The value of Canadian gold exports in metal ores and concentrates reached $1.3 billion in 2023, an increase of 8% over the previous year.

Imports

• In 2023, the value of gold imports in Canada was $17.7 billion, up from $14.6 billion in 2022.
• Canada imported 278 tonnes of unwrought gold in 2023, valued at $17.5 billion. This was a 4% decrease in quantity and a 22% increase in value compared to 2022.

Prices

Gold prices have experienced considerable fluctuations over the past decade, ranging from as low as US$1,068 per troy ounce in December 2015 to a peak of US$2,029 per troy ounce in December 2023.

This increase was driven by strong demand from central banks and investors seeking to diversify reserves and hedge against inflation and economic uncertainty, a trend that began during the COVID-19 pandemic.

Recycling

Gold is continually being recycled, often in the form of old jewellery that is melted down for reuse. A major motivation for consumers to sell or hold on to their gold jewellery is the price of gold in their respective currencies.

When gold prices rise, it usually increases the supply that is available for scrap (recycled gold). The recycled gold supply in 2023 was 1,239 tonnes, a 9% increase from 2022.

Recovering gold from end-of-life electronics is an additional and major contributor to the global scrap supply.