U.S.: Gold Market 2024

Gold Market Size in the U.S.

In 2021, the U.S. gold market increased by 16% to $X, rising for the fourth year in a row after three years of decline. Overall, consumption recorded buoyant growth. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in years to come.

Gold Production in the U.S.

In value terms, gold production shrank to $X in 2021. Overall, production, however, recorded a slight decrease. The most prominent rate of growth was recorded in 2016 when the production volume increased by 188% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

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Gold Exports

Exports from the U.S.

In 2021, shipments abroad of gold was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, saw a perceptible decrease. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, gold exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a noticeable shrinkage. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Switzerland (X tons), the UK (X tons) and Hong Kong SAR (X tons) were the main destinations of gold exports from the United States, together comprising 77% of total exports. These countries were followed by Singapore, India, Canada, Australia and the United Arab Emirates, which together accounted for a further 18%.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +47.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X), the UK ($X) and Hong Kong SAR ($X) constituted the largest markets for gold exported from the United States worldwide, together accounting for 77% of total exports. Singapore, India, Canada, Australia and the United Arab Emirates lagged somewhat behind, together accounting for a further 18%.

Singapore, with a CAGR of +50.4%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average gold export price amounted to $X per kg, growing by 2.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.1%. The growth pace was the most rapid in 2020 an increase of 27%. The export price peaked in 2021 and is likely to see gradual growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Canada ($X per kg) and the UK ($X per kg), while the average price for exports to the United Arab Emirates ($X per kg) and Australia ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+11.3%), while the prices for the other major destinations experienced more modest paces of growth.

Gold Imports

Imports into the U.S.

In 2021, approx. X tons of gold were imported into the United States; with a decrease of -61.1% against 2020. In general, imports showed a pronounced decrease. The most prominent rate of growth was recorded in 2020 when imports increased by 191% against the previous year. As a result, imports reached the peak of X tons, and then plummeted in the following year.

In value terms, gold imports declined dramatically to $X in 2021. Overall, imports saw a mild descent. The pace of growth was the most pronounced in 2020 when imports increased by 258%. As a result, imports attained the peak of $X, and then reduced rapidly in the following year.

Imports by Country

Switzerland (X tons), Canada (X tons) and Mexico (X tons) were the main suppliers of gold imports to the United States, together comprising 60% of total imports. Colombia, Nicaragua, Argentina, South Africa, Peru and Bolivia lagged somewhat behind, together comprising a further 30%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Argentina (with a CAGR of +86.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest gold suppliers to the United States were Switzerland ($X), Canada ($X) and Mexico ($X), together accounting for 62% of total imports. These countries were followed by Colombia, Nicaragua, South Africa, Argentina, Peru and Bolivia, which together accounted for a further 28%.

Among the main suppliers, Argentina, with a CAGR of +81.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average gold import price amounted to $X per kg, rising by 3% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.9%. The growth pace was the most rapid in 2020 when the average import price increased by 23%. The import price peaked in 2021 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Switzerland ($X per kg) and South Africa ($X per kg), while the price for Argentina ($X per kg) and Nicaragua ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+2.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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