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Gold facts

Gold is a precious metal commonly used for investments and jewellery (rings, necklaces, watches, etc.). However, the numerous desirable properties of gold, such as superior electric conductivity and resistance to corrosion, has also made it an important input into many electrical and technology applications.

Key facts

  • Gold is Canada's most valuable mined commodity, with a production value of $13.7 billion in 2021.
  • Gold is mined in 10 Canadian provinces and territories, with the majority coming from Ontario and Quebec that together accounted for 70% of mined gold production in Canada in 2021.
  • Canadian mines produced 223 tonnes of gold in 2021, ranking Canada as the fourth-largest global producer.

Learn more about gold

Uses

In 2020, gold demand for investment purposes reached new decade heights, largely brought on by uncertainties surrounding the COVID-19 pandemic. In 2021, jewellery repositioned itself as gold’s primary use, accounting for 55% or 2,229 tonnes of the world’s demand that year.

Investors buy gold in the form of wafers, bars and coins, believed to offer a measure of protection from the risks of inflation and market volatility. Gold-backed exchange-traded funds (ETF) are another source of investment demand for gold.

Approximately 8% of the demand for gold is for use in technology applications, mostly as a component of micro-circuitry in a range of electronic products.

Gold uses, 2012-2021 (p)

line graph
Text version

This line graph shows the global uses for gold from 2012 to 2021. Jewellery ranges between 38% to 60% share of demand, with a return to 55% in 2021 after a sharp decrease in 2020. Investment ranges from 19% to 47% of demand, with a return to 25% in 2021 after a sharp increase in 2020. Technology consistently ranges between 7% and 8%, ending the year 2021 at 8% share of demand. Central banks and other institutions range between 7% and 15% and saw an increase to 11% share of demand in 2021.

Gold demand, 2021 (p)

circular chart
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This circular chart shows the global demand for gold in 2021. The largest share of gold uses was jewellery (55%), followed by investment (25%), central bank net purchases (11%), and technology (8%).

Production

Canadian mines produced 223 tonnes of gold in 2021, which is more than twice the amount produced in 2012 and a 25% increase compared to 2020. In 2021, mine production increased in Quebec, Ontario, Manitoba, Nunavut, Saskatchewan, Yukon and Newfoundland and Labrador. In the same period, production fell slightly in British Columbia, Alberta and Nova Scotia.

Ontario and Quebec produced 70% of the gold mined in Canada in 2021. The following pie chart shows the share of each gold-producing jurisdiction by their percentage of 2021 preliminary production.

Canadian gold production, by region, 2021 (p)

circular chart
Text version

This circular chart graph shows Canada's annual gold mine production for 2021. Ontario was the leading producer of gold in Canada at 104.2 tonnes (47%), followed by Quebec at 52.6 tonnes (24%), British Columbia at 20.6 tonnes (9%), Yukon at 9.4 tonnes (4%), and Manitoba at 3.7 tonnes (2%). The other provinces and territories produced 31.9 tonnes (14%).

Canadian gold production, 2012–2021 (p)

bar graph
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This bar graph shows Canada's annual gold mine production from 2012 to 2021. Production was 106 tonnes in 2012, steadily growing until a slight production decrease in 2019 and 2020, before increasing again to a peak production of 223 tonnes in 2021.

International context

Global gold mine production was estimated at 3,083 tonnes in 2021, which is a 2% increase from 2020.

The top five gold-producing countries accounted for 46% of the world's annual gold output in 2021. Canada ranked fourth, with 7% of global mined production.

World gold mine production, by country, 2021 (p)
Ranking Country Tonnes Percentage of total
1 China 370 12.2%
2 Australia 330 10.7%
3 Russia 300 9.7%
4 Canada 223 7.2%
5 United States 180 5.8%
6 Ghana 130 4.2%
- Other countries 1,550 50.3%
World total   3,083 100.0%

World gold mine production, 2012–2021 (p)

bar graph
Text version

This bar graph shows the world's annual gold mine production from 2012 to 2021. Production was 2,692 tonnes in 2012, gradually increasing to 3,317 tonnes in 2019, before decreasing in 2020, but rising again in 2021 to 3,083 tonnes.

World reserves

Gold mineral ore reserve estimations are based on ore that can be considered reasonably, economical and technically extractable at the time of estimation. According to the U.S. Geological Survey, world reserves of gold ore were estimated at 54,000 tonnes in 2021.

World reserves of gold, by country, 2021 (p)
Ranking Country Tonnes (thousands)
1 Australia 11.0
2 Russia 6.8
3 South Africa 5.0
4 United States 3.0
5 Indonesia 2.6
6 Brazil 2.4
7 Canada 2.2
8 China 2.0
- Other countries 19.0
Total   54.0

Trade

Exports

  • The value of Canadian gold exports in 2021 was $21.3 billion, a 10% decrease from the previous year’s total of $23.6 billion.
  • Canada exported 153 tonnes of gold to the United Kingdom, accounting for 47% of Canada’s gold exports. Gold flows to the United Kingdom in part because of its role as financial hub for global gold trade, as international investors purchase and sell gold on the London Bullion Market Association.
  • Canada’s exports of unwrought gold increased to 297 tonnes in 2021, up from 286 tonnes in 2020. However, the value of unwrought gold exports decreased to $18.2 billion in 2021, down from $21.2 billion in 2020, a reflection of lower prices.
  • The value of Canadian gold exports in metal ores and concentrates remained steady at $1.0 billion in 2021 compared to the previous year.

Imports

  • The value of all forms of gold imports in Canada was $12.1 billion in 2021, down from $15.6 billion in 2020.
  • Canada imported 281 tonnes of unwrought gold in 2021, valued at $8.1 billion. This is an increase in volume but a decrease in value compared to 2020, when imports totaled 242 tonnes and were valued at $11.6 billion.

Prices

Gold prices fluctuated significantly over the last decade, ranging from US$1,286 per troy ounce in June 2013 up to over US$1,968 per troy ounce in August 2020. Prices generally declined and remained low from October 2012 until September 2018, when gold prices started to initiate a recovery.

In 2021, gold prices remained stable around US$1,800 per troy ounce after slightly declining from a record-breaking peak in 2020. Investors had flocked to the safe-haven commodity during the uncertainty brought on by the pandemic. Gold prices remain at historically high levels, closing the year at US$1,786 per troy ounce in December 2021.

Gold prices, monthly average, 2012–2021

(US$/fineFootnote * troy ounce)

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This line graph shows the monthly average gold price in US dollars per troy ounce from 2012 to 2021. The gold price decreased from $1,743 in February 2012 to a low of $1,068 in December 2015. The price generally increased gradually between January 2016 and June 2019 before accelerating to reach a new peak price of $1,968 in August 2020. Declining slightly from the peak price, gold remained stable around $1,800 in 2021, ending the year at $1,786 per troy ounce.

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 decreased to 1,150 tonnes in 2021, down from 1,292 tonnes in 2020.

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

Notes and sources

(p) preliminary

Totals may be different because of rounding.

All dollars are Canadian unless otherwise indicated.

Uses

  • Gold uses, 2012–2021 (p)
    • World Gold Council
  • Gold demand, 2021 (p)
    • World Gold Council

Production

  • Canadian gold production, by region, 2021 (p)
    • Statistics Canada
    • Suppression of confidential data by Statistics Canada renders production numbers for some provinces unavailable.
  • Canadian gold production, 2012–2021 (p)
    • Natural Resources Canada; Statistics Canada

International context

  • World gold mine production, by country, 2021 (p)
  • World gold mine production, 2012–2021 (p)
    • Natural Resources Canada; Statistics Canada (Canadian Statistics)
    • U.S. Geological Surveys
  • World reserves of gold, by country, 2021 (p)
    • U.S. Geological Surveys

Trade

  • Imports and exports of Canadian gold, 2021 (p)
    • Natural Resources Canada; Statistics Canada
    • Mineral trade includes ores, concentrates, and semi- and final-fabricated mineral products.

Prices

  • Gold prices, monthly average, 2012–2021
    • The London Bullion Market Association (PM Fix)

Recycling

  • Recycled Gold Supply, 2021
    • World Gold Council
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