20+ Gold Statistics & Historical Price Data

Take a deep dive into gold statistics and facts that you should know about if you are a journalist or reporter. Also, learn about the price history of gold.

gold statistics

Gold has been a cornerstone of global economies and a symbol of wealth for centuries. And it’s only becoming more valuable today due to high interest rates, geopolitical tensions, and a strong demand from worldwide central banks.

The current bullish outlook on gold has many people asking questions. We decided to look closer at key gold statistics and price history, production trends, market dynamics, and future projections for 2025 and beyond. 

This report explores how gold continues to shape financial landscapes worldwide.

Top Gold Stats

  • Gold reached an all-time high price of $2,685.49 per ounce on September 26, 2024.
  • The price of gold has increased by 28.90% since the beginning of 2024.
  • Central banks purchased 483 tonnes of gold in the first half of 2024, setting a new record.
  • The United States has the largest global gold reserves, with 8,133.50 metric tonnes.
  • China is the largest gold-producing country, producing 370 tonnes annually.

Gold Facts & Price History

On January 1, 2024, gold was trading at $2,064.61 per ounce. By September 26, the price had soared to an all-time high of $2,685.49 per ounce.

Today, gold is trading at 2,653.25 per ounce. This represents an increase of $438.80 per ounce or approximately 21.26% in just under eight months. 

But gold prices were not always this high. The recent surge in pricing can mostly be attributed to the last five years.

In 2004, the average closing price of gold was $409.53 per ounce. By 2011, gold reached its first major peak, with an average closing price of $1,573.16.

After a period of decline and consolidation, gold began another upward trend in 2019.

In 2020, amid global economic uncertainty, gold’s average closing price surged to $1,773.73. The upward momentum continued, with gold reaching new all-time highs in 2024.

Here is a look at the price of gold in January of each year from 2004 to 2024:

YearPrice (USD per ounce)
2004415.2
2005426.8
2006520.75
2007640.75
2008840.75
2009869.75
20101,113.00
20111,405.50
20121,590.00
20131,681.50
20141,219.75
20151,184.25
20161,075.20
20171,162.00
20181,312.80
20191,287.20
20201,520.55
20211,946.60
20221,800.10
20231,824.16
20242,064.61

Gold prices have shown significant volatility and upward momentum in recent years. Analysts predict gold prices will continue to rise due to persistent global economic uncertainties.

In October 2024, Goldman Sachs raised their gold price forecasts from $2,700 per ounce to $2,900 per ounce in 2025. 

The expectation is that Federal Reserve interest rate cuts and increased gold purchases by emerging market central banks will cause prices to rise. 
Source: Macrotrends, Trading Economics, Reuters

Gold Ownership Statistics

Central banks continue to be major players in the gold market. In the first half of 2024, central banks set a new all-time high by purchasing 483 tonnes of gold.

Turkey, which acquired 45 tonnes, was the largest buyer of gold. India was a close second, purchasing 37 tonnes in the same period. 

29% of central banks expressed intentions to increase their gold reserves over the next 12 months. This represents the highest intention to increase reserves since the survey was created in 2018.

However, the United States still leads the world in total gold reserves with 8,133.50 metric tonnes. The next closest country is Germany, at 3,362.40 metric tonnes.

Below is a list of the top ten countries ranked by their total gold reserves, plus the % of foreign reserves their gold accounts for.

RankCountryGold Reserves (Metric Tons)% of Foreign Reserves
1United States8,133.5077.50%
2Germany3,362.4074.50%
3Italy2,451.8069.30%
4France2,436.0064.50%
5Russia2,295.4022.00%
6China1,948.303.30%
7Switzerland1,040.005.40%
8Japan765.23.10%
9India687.86.50%
10Netherlands612.567.40%

Despite the large amounts of gold these countries hold, combined, they account for approximately 12.69% of the total gold in the world. 

The United States alone holds roughly 4.34% of the global gold supply. However, it’s estimated there is an additional 57,000 metric tonnes of gold in underground reserves.

Source: Investopedia, U.S. Global Investors, Cointelegraph

Gold Mining & Production Statistics

In 1995, mined gold production reached 2,299 tonnes globally. This figure rose by 55% to an all-time high of 3,556 tonnes in 2018.

According to the latest data, 3,000 metric tonnes of gold were mined in 2023. However, there’s been increased demand.

In fact, Q1 2024 saw record first-quarter mine production, up 4% year-over-year. However, the industry is struggling to sustain production growth as deposits become harder to find.

Approximately 187,000 metric tonnes of gold have been mined to date. The United States Geological Survey estimates that about 57,000 tonnes of gold reserves remain that can be excavated.

In 2024, China is projected to be the top gold-producing country, with 370 tons per year. Australia and Russia are not far behind, tied at 310 tons per year

Below is a list of the top ten countries ranked by global gold production.

RankCountryGold Production (Metric Tons)
1China370
2Australia310
3Russia310
4Canada200
5United States170
6Kazakhstan130
7Mexico120
8Indonesia110
9South Africa100
10Uzbekistan100

Source: Nasdaq, LBMA

Gold Consumption Statistics

Jewelry accounts for approximately 50% of global gold consumption. Both India and China are the largest markets in this area. 

Gold bars, coins, and exchange-traded funds (ETFs) represent about 40% of gold consumption. This is primarily driven by investors who prefer a safe-haven asset.

Around 10% of gold is used in technology, particularly in electronics, for its conductive properties. This accounts for a small portion of the overall gold market. 

Among these industries, the worldwide demand for gold in 2023 reached 4,448.3 metric tons. 

The World Gold Council’s Gold Demand Trends report revealed that global gold demand is strong. In fact, it increased 3% year over year in Q1 2024 compared to Q1 2023. 

Source: World Gold Council, Statista

Conclusion

Rising demand has caused gold prices to surge to new highs, with notable gains occurring over the past five years. 

As the Federal Reserve begins to lower interest rates, it’ll be interesting to monitor price movements for this asset. However, experts still predict new record highs towards the end of 2024 and into 2025.