Gold is a precious metal and it
has a cultural and financial value. It is bought for different reasons by
people across the globe. It influences a range of national socio-cultural
factors and local market conditions.
In terms of volume, India and
China make for the largest markets together accounting for over 50% of current
global gold demand. The Asian and Middle Eastern markets are dominated by
demand for purer, high-caratage gold.
Mines account for around 75% of
overall gold supply and the remaining shortfall to meet demand is made up from
recycled gold.
The most immediately responsive
source of gold supply to the gold price and economic shocks is recycling. The
majority of recycled gold - around 90% - comes from jewellery, with gold
extracted from technology providing the remaining 10%.
Over 90 percent of the world’s
gold has been mined since the California Gold Rush.
Around 187,200 tonnes of gold has
been mined since the beginning of civilisation.
If all of the existing gold in
the world was pulled into a 5 micron thick wire, it could wrap around the world
11.2 million times.
The US Federal Reserve holds
6,700 tonnes of gold, in 530,000 gold bars. At its peak in 1973, the Fed stored
more than 12,000 tonnes of monetary gold.
Around half of all gold mined
today is made into jewellery, which remains the single largest use for gold.
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Source: Moneycontrol
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