US Is The Biggest Gold Nation In The World: Study

The global gold market has experienced a remarkable resurgence following two consecutive years of decline due to the COVID-19 pandemic. 

The market cap for gold mining and investing is estimated at $13.2 trillion, signaling positive prospects for the leading gold-producing countries worldwide.

According to research by Forex Suggest, there are 10 countries with the biggest investments and demands in gold.

The Luxembourg-based finance firm analyzed global data on central bank gold reserves, consumer demand for jewelry, ETF holdings and demand per capita to find the most significant gold nations.

According to the study, the U.S. is the top gold nation among 17 selected countries, with a score of 8.93 out of 10. The U.S. stands out with the highest volume of central bank gold reserves, amounting to 8,133 tonnes, and ETF gold holdings reaching 1,668 tonnes.

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Germany is the biggest gold-producing country at number two, scoring 6.83 out of 10. Germany ranked second for central bank gold reserves volume (3,355 tonnes) but recorded high consumer demand (2.34 grams). Germany also has the third-highest volume of ETF gold holdings (401 tonnes) behind the U.S. and the U.K.

Switzerland nabbed third place, with a score of 6.57 out of 10, according to Forex Suggest. As a major financial hub, the country has among the highest ETF gold holdings (341 tonnes) as of the first quarter of 2023 and had the highest consumer demand per capita (5.58 grams) compared to any other country, including the U.S.

The report also revealed that China is the world’s biggest gold-mining country, producing 330 tonnes of gold as of 2022. Egypt has seen the biggest increase in gold demand, with a year-over-year increase of 55%.

Vietnam had the biggest increase in gold jewelry demand, with a 51% increase between 2021 and 2022, while the Turkish Lira saw the biggest increase in gold value.

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