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 source of global gold demand in 2024, representing 44% of total usage, or about 2,027 tonnes. Investment demand accounted for 26%, reflecting gold’s continued appeal during periods of economic uncertainty. Central banks increased their holdings to a record 24% of total demand, driven by geopolitical tensions and inflation concerns. Meanwhile, demand from technology applications held steady at 7%, supported by micro-circuitry use in electronics and the growing adoption of artificial intelligence.

Production

Gold production from Canadian mines has steadily increased over the past decade, reaching 200 tonnes in 2024—a 5% rise from the previous year and 25% higher than in 2015.

Ontario and Quebec together accounted for 68% of Canada’s total gold output in 2024, with production up by 3% and 1%, respectively, from 2023. British Columbia, representing 9% of national production, saw a 6% decline, while Yukon, which accounted for 3%, experienced a 3% increase. The remaining provinces and territories collectively accounted for 21% of total output and recorded a 20% surge compared with 2023.

International context

Global gold mine production was estimated at 3,300 tonnes in 2024, up 2% from 2023.

The top five gold-producing countries accounted for over 40% of the world’s annual gold output in 2024. Canada ranked fourth, with 6.1% of global mine production.

World gold mine production, by country, 2024 (p)

Ranking	Country	Tonnes	Percentage of total
1	China	380	11.5%
2	Russia	310	9.4%
3	Australia	290	8.8%
4	Canada	200	6.1%
5	United States	160	4.8%
-	Other countries	1,960	59.4%
World total		3,300	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 64,000 tonnes in 2024.

World reserves of gold, by country, 2024 (p)

Ranking	Country	Tonnes (thousands)
1	Australia	12.0
2	Russia	12.0
3	South Africa	5.0
4	Indonesia	3.6
5	Canada	3.2
6	China	3.1
7	United States	3.0
8	Peru	2.5
-	Other countries	19.6
Total		64.0

Trade

Exports

• In 2024, the value of Canadian gold exports reached a record $40.2 billion, up 33% from $30.2 billion in 2023. The surge was driven by higher gold prices and strong demand from central banks seeking to diversify reserves and hedge against inflation and geopolitical uncertainty. The market outlook suggests that if interest rates decline, gold demand could strengthen further as lower rates reduce the opportunity cost of holding non-yielding assets such as gold compared with interest-bearing investments such as bonds.
• The United Kingdom was Canada’s largest gold export destination in 2024, accounting for $21.8 billion, or 54% of total 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.
• The United States ranked second, with $9.2 billion (23%) in gold exports in 2024, followed by Switzerland with $5.2 billion (13%).
• Most of Canada’s gold exports are in the form of unwrought gold. In 2024, these exports rose to 380 tonnes valued at $39.1 billion, up from 339 tonnes worth $27.7 billion in 2023.

Imports

• In 2024, the value of gold imports in Canada was $19.5 billion, up from $17.7 billion in 2023.
• Canada imported 350 tonnes of unwrought gold in 2024, valued at $19.2 billion, compared to 388 tonnes in 2023, valued at $17.5 billion.

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$2,690 per troy ounce in December 2024.

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 was 1,370 tonnes in 2024, an 11% increase from 2023.

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