📈 Global Gold Market Capitalization Hits $18 Trillion in September 2024

Approximately 272,000 metric tons of gold have been discovered to date, consisting of historically produced amounts totaling 213,000 metric tons and current underground reserves amounting to 59,000 metric tons. In 2023, the most significant gold producers included China (370 tons), Australia and Russia (each producing 310 tons). Canada ranked fourth in gold production with 200 tons, followed by the United States with 170 tons and Kazakhstan with 130 tons.

Regarding the surge in gold prices, it is estimated that the global gold market capitalization reached $18 trillion in September 2024. This amount represents approximately 16.6% of the world's GDP.

According to the World Gold Council, estimated global gold consumption in 2023 was distributed as follows: jewelry accounted for 44%, central banks and other institutions for 21%, physical bars for 16%, official coins and medals, including imitation coins, for 8%, and technology for 6%.