Despite gold prices currently standing 54 percent below their October 20 peak of $4,380 (approximately 1,344 dinars), the precious metal continues to trade at historically elevated levels. Its current value remains about 40 percent higher than the inflation-adjusted peak recorded in 1980, reflecting sustained reliance by investors and speculators on gold as a secure store of wealth.
According to the World Gold Council, the total amount of gold extracted above ground reached 216,265 tons by the end of 2024, a figure expected to rise theoretically by around 10 percent by October 2025. Meanwhile, an estimated 132,110 tons remain underground in ore deposits yet to be extracted.
A visual analysis by visualcapitalist.com illustrated the rarity of the metal, noting that all the gold mined throughout history could form a cube measuring just 22.3 meters on each side.
Global Distribution of Gold
Jewelry
India topped global demand for gold jewelry last year with purchases of 560 tons, followed closely by China with 510 tons. Gold remains deeply embedded in cultural traditions across Central and Southeast Asia, especially in weddings and major celebrations.
Bullion and Coins
Combined holdings of bullion, coins and gold-backed exchange-traded funds reached 48,634 tons—significantly surpassing central banks’ combined reserves of 37,755 tons.
Central Bank Reserves
The United States, Germany and Italy continued to hold the world’s largest central bank gold reserves as of the end of 2024. The United States leads by a wide margin, with 8,133.5 tons, followed by Germany with 3,352 tons, Italy with 2,452 tons and France with 2,437 tons.
Emerging markets have also sharply expanded their reserves. China increased its holdings from 1,948 tons in 2019 to 2,280 tons in 2024 as part of efforts to diversify away from U.S. Treasury assets and support the international standing of the yuan.
India, now the world’s fifth-largest economy, boosted its reserves to 876 tons.
Turkey (595 tons) and Poland (448 tons) also increased their gold stocks in response to inflationary pressures, currency fluctuations and geopolitical uncertainties.
Industrial Uses
Industrial demand — spanning electronics, dentistry and related sectors — accounts for approximately 32,727 tons. Gold remains essential in semiconductor manufacturing, where its conductive properties make it indispensable for coatings and bonding wires.
