# Gold: Criticality

A huge stock above ground keeps gold off critical lists

Source page: https://www.materialinsights.org/commodities/gold/criticality/

What this tab covers How exposed economies are to a supply disruption: the EU, US and India listings, the concentration score, and a quantified exposure for the US, EU, India, China, Japan, Latin America, the Middle East and Australia. Where the EU scored it, a chart of supply risk against economic importance, with import reliance, recycling input and substitutes.

#### Exposure by region

| Region | Exposure | Share of world output | Share of world imports | Share of world exports | Net trade (US$) | On own critical list | Position |
|---|---|---|---|---|---|---|---|
| **US** | Low | 4.9% | 2.9% | 5.9% | +$13.7 bn | No | Mines produced about 160 t in 2025 and refiners recycled about 90 t; the US was a net exporter in 2021-24, but 2025 imports (320 t) exceeded exports (260 t), and USGS gives no net import reliance because of unreported investor purchases; the Treasury holds 8,130 t (USGS MCS 2026). |
| **EU** | Low | 0.9% | 4.2% | 5.7% | +$5.04 bn | No | Not on the EU critical list; Italy (jewellery) and Germany (investment) are large importers, and the end-of-life recycling input rate is only 5% (EU CRM 2023). |
| **India** | High | 0.1% | 10.3% | 0.0% | −$57.6 bn | No | Near-total import dependence: 721 t worth $72.0 billion in FY2025-26, against mine output of about 1-2 t at Hutti; import duty rose from 6% to 15% in May 2026; the RBI held 880.5 t in March 2026. |
| **China** | Medium | 11.3% | 18.4% | 2.5% | −$90.4 bn | Yes | Largest miner (380 t, 2025e, USGS) and also the second-largest importer by value in 2024 at $102.7 billion (18.4% of world imports, UN Comtrade). |
| **Japan** | Low | 0.1% | 0.1% | 3.6% | +$17.3 bn | No | Net exporter of refined gold from recycling and refining, with 2024 exports of $17.8 billion against imports of $0.5 billion (UN Comtrade). |
| **Latin America** | Low | 16.7% | 0.1% | 5.8% | +$28.7 bn | no list | Exporter: Mexico (140 t), Peru (110 t) and Brazil (80 t) mined about 330 t in 2025e (USGS); Peru exported $12.8 billion in 2024 (UN Comtrade). |
| **Middle East** | High | 0.7% | 2.5% | 0.4% | −$12.0 bn | no list | Dubai is a major refining and trading hub (the UAE does not report to Comtrade); Turkey ($17.1 billion) and Saudi Arabia ($8.2 billion) were large importers in 2024. |
| **Australia** | Low | 8.5% | 1.2% | 4.7% | +$17.0 bn | No | Third-largest miner (280 t, 2025e) with 13,000 t of reserves (USGS); exported $23.6 billion in 2024 (UN Comtrade). |

 Exposure rating: **High** when the region is a net importer whose import share is at least three times its share of world output (or, for farm goods, it produces under 70% of what it consumes); **Medium** for other net importers (or 70-95% self-sufficiency), raised to High when world supply is highly concentrated in another country; **Low** for net exporters or self-sufficient regions. Net importer status uses tonnage where reported, otherwise value. Output: World Mining Data, 2024. Trade: UN Comtrade 2024 (EU = sum of member states, including intra-EU trade). Critical lists: US 2025, EU 2024/1252, India 2023, China 2016 strategic minerals, Japan METI, Australia 2024.

Gold is not on the EU, US 2025 or India 2023 critical lists; the EU scores its supply risk at 0.4 and economic importance at 2.4. Mining is unconcentrated, only about 15% comes as a by-product, and the huge above-ground stock acts as a buffer. Electronics take only about 7% of consumption, and USGS notes that gold-clad base metals, palladium, platinum and silver can substitute. Gold's strategic role is monetary: central banks hold it as a reserve asset that sits outside other countries' financial systems.
 EU 2023 Not critical US 2025 list No India 2023 list No Production HHI 489 unconcentrated

#### EU 2023 assessment

Chart: EU 2023 criticality: supply risk against economic importance
 Each dot is a material assessed by the EU in 2023. The shaded corner is the critical zone (supply risk ≥ 1.0, economic importance ≥ 2.8). Gold: supply risk 0.4, economic importance 2.4. EU import reliance, extraction 0% EU recycling input rate 5%

#### Substitutes

Gold-clad base metals in electronics and jewellery; palladium, platinum and silver

## Other sections

- [Summary](https://www.materialinsights.org/commodities/gold/index.md)
- [Overview](https://www.materialinsights.org/commodities/gold/overview/index.md)
- [Correlation](https://www.materialinsights.org/commodities/gold/correlation/index.md)
- [Extraction](https://www.materialinsights.org/commodities/gold/extraction/index.md)
- [Production](https://www.materialinsights.org/commodities/gold/production/index.md)
- [Stocks](https://www.materialinsights.org/commodities/gold/stocks/index.md)
- [Cycles](https://www.materialinsights.org/commodities/gold/cycles/index.md)
- [Trading](https://www.materialinsights.org/commodities/gold/trading/index.md)
- [Movement](https://www.materialinsights.org/commodities/gold/movement/index.md)
- [Characteristics](https://www.materialinsights.org/commodities/gold/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/commodities/gold/emissions/index.md)
- [Relationships](https://www.materialinsights.org/commodities/gold/links/index.md)