Emerging Markets’ Dominance in the Gold Market: China and India Lead Demand, with Mines Being the Main Source of Supplies.. How is that?

Global demand for gold is witnessing a clear shift driven by emerging markets, which have become the main driving force behind this market in recent years. Over the past decade, these markets have accounted for about 70% of total global gold demand, reflecting their growing role in the global economy.

China stands at the forefront among the most in-demand countries, accounting for 27% of global demand alone, followed by India at 21%, with the two countries together taking up roughly half of global gold demand. By contrast, the contribution of developed markets appears more modest, as North America’s share did not exceed 11%, while Europe, including Russia, recorded around 12%, according to data from the World Gold Council.

As for supply, mine production remains the primary source of gold worldwide, making up 74% of total supply, while recycling operations cover the remaining 26%.

Geographically, Africa leads the list of the regions supplying the most gold, with a share of 26%, followed by Asia at 19%. The Commonwealth of Independent States, Central and South America each contribute an equal share of 15%, while North America accounts for about 14% of total supplies.

These figures confirm that emerging markets are not only leading global demand for gold, but are also playing an increasingly greater role in shaping the future outlook of this market.
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