Gold facts

Gold is a precious metal commonly used for investments and jewellery (rings, necklaces, watches, etc.). Gold’s superior electric conductivity and resistance to corrosion has also made it an important input into electronic and technology applications.

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Uses

In 2022, gold demand by central banks and other institutions reached a decade high. The increase was brought on largely by global economic uncertainties and inflation. Jewellery remained gold’s primary use, accounting for 47% or 2,195 tonnes of the world’s demand.

Investors buy gold in the form of wafers, bars and coins, often as 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 7% of the demand for gold is for use in technology applications, mostly as a component of micro-circuitry in a range of electronic products.

Production

Gold production by Canadian mines has been increasing steadily over the last decade. Production reached 204 tonnes of gold in 2022, which is 8% higher compared to the previous year and 55% higher compared to 2013.

Mine production in Ontario increased by 38% in 2022, while the remaining provinces and territories saw production decrease slightly. Ontario and Quebec produced 72% of the gold mined in Canada in 2022.

International context

Global gold mine production was estimated at 3,100 tonnes in 2022, almost equivalent to 2021 production.

The top five gold-producing countries accounted for 43% of the world's annual gold output in 2022. Canada ranked fourth, with 6.6% of global mined production.

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

Ranking	Country	Tonnes	Percentage of total
1	China	330	10.6%
2	Australia	320	10.3%
3	Russia	320	10.3%
4	Canada	204	6.6%
5	United States	170	5.5%
6	Ghana	130	4.2%
-	Other countries	1,626	52.5%
World total		3,100	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 52,000 tonnes in 2022.

World reserves of gold, by country, 2022 (p)

Ranking	Country	Tonnes (thousands)
1	Australia	8.4
2	Russia	6.8
3	South Africa	5.0
4	United States	3.0
5	Indonesia	2.6
6	Brazil	2.4
7	Canada	2.3
8	China	1.9
-	Other countries	19.6
Total		52.0

Trade

Exports

• The value of Canadian gold exports in 2022 was $22.3 billion, a 4% increase from the previous year’s total of $21.4 billion.
• Canada exported 156 tonnes of gold to the United Kingdom, accounting for 53% 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 on the London Bullion Market Association.
• Canada’s exports of unwrought gold increased to 297 tonnes in 2022, up from 293 tonnes in 2021. The value of unwrought gold exports was $21.0 billion in 2022, increasing from $20.1 billion in 2021.
• The value of Canadian gold exports in metal ores and concentrates remained steady at $1.2 billion in 2022 compared to the previous year.

Imports

• The value of gold imports in Canada was $14.6 billion in 2022, up from $12.1 billion in 2021.
• Canada imported 290 tonnes of unwrought gold in 2022, valued at $14.4 billion. This is a 1% increase in quantity and a 17% increase in value compared to 2021.

Prices

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

In 2022, gold prices ranged from US$1,948 to US$1,664 per troy ounce after a record-breaking peak in 2020. After investors flocked to the safe-haven commodity during the COVID-19 pandemic, central banks and other institutions seeking to hedge against inflation continued to place upward pressure on prices. Gold prices remain at historically high levels, closing the year at US$1,797 per troy ounce in December 2022.

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 onto 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 2022 was 1,140 tonnes, a slight increase from 1,136 tonnes in 2021.

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