# Gold: Overview

Jewellery, bars and central banks, not industry

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

What this tab covers What the commodity is used for, why, in what volumes and with what alternatives, and its chain from mine or field to end user. Also the latest price moves, top recent news, three things to know, and buttons into each tab.

#### Key uses

| Use | Share | Annual volume | Why this commodity | Alternatives |
|---|---|---|---|---|
| **Jewellery** | 32.7% | 1,638 t fabricated in 2025basis | Gold does not tarnish, is easy to work and holds resale value, so in India, China and the Gulf jewellery doubles as household savings. Volume fell in 2025 as record prices bit: India's jewellery demand dropped 24% to 430.5 t (WGC). Buyers kept spending more rupees on fewer grams. World Gold Council, Gold Demand Trends Full Year 2025 (Jan 2026) | Silver jewellery Platinum jewellery Lab-grown diamond and fashion jewellery Gold-plated or lower-karat (14k, 9k) pieces |
| **Bars and coins (retail investment)** | 27.5% | 1,374 t in 2025basis | Small bars and coins let households own an asset with no counterparty and long monetary history. Demand rises when inflation, currency weakness or geopolitical fear lift the price, the opposite of jewellery. In India, investment demand rose while jewellery fell in 2025 (WGC). World Gold Council, Gold Demand Trends Full Year 2025 (Jan 2026) | Gold ETFs and sovereign gold bonds (paper exposure) Digital gold platforms Silver bars and coins Inflation-linked bonds |
| **Central bank reserves** | 17.3% | 863 t net purchases in 2025basis | Gold is the one reserve asset that is no other country's liability and cannot be frozen if held at home. After Russia's reserves were sanctioned in 2022, many emerging-market central banks raised gold's share. The RBI held 880.5 t in March 2026, 16.7% of its reserves. World Gold Council, Gold Demand Trends Full Year 2025 (Jan 2026); RBI half-yearly report on forex reserves, Mar 2026 (as reported by Angel One) | US Treasuries and other sovereign bonds Euro, yen, renminbi deposits IMF SDRs |
| **Exchange-traded funds and similar products** | 16% | 801 t of net inflows in 2025basis | ETFs give institutions and retail investors gold exposure through a brokerage account, backed by allocated bars in London, New York or Zurich vaults. Flows swing hard with real interest rates and momentum, so this is the most volatile demand line. World Gold Council, Gold Demand Trends Full Year 2025 (Jan 2026) | Futures (COMEX, MCX) Physical bars Gold mining equities Silver and platinum ETFs |
| **Technology (electronics, dentistry, other industrial)** | 6.5% | 323 t in 2025, of which electronics 270 tbasis | Gold conducts well and never corrodes, so it plates connectors, bonding wire and contacts where failure is costly. Each device uses tiny amounts, so price matters less than reliability. Producers keep thrifting: copper and palladium-coated copper have replaced much gold bonding wire. World Gold Council, Gold Demand Trends Full Year 2025 (Jan 2026); USGS MCS 2026 (substitutes) | Copper and palladium-coated copper bonding wire Silver and palladium plating Ceramic and composite dental materials |

 Shares of 2025 world gold demand of 5,002 t (WGC). Jewellery is fabrication; investment lines are net flows. Over-the-counter and other demand is a small residual.

#### From mine to user

1. **Exploration and permitting** Most new gold is found near existing districts. Reserves were 66,000 t in 2025, about 20 years of output (USGS MCS 2026).
2. **Mining** Open pits and underground mines move ore that often grades only 1-5 g/t. World mine output was 3,300 t in 2025 (USGS); WGC counts 3,672 t including artisanal output.
3. **Processing to dore** Ore is crushed and leached with cyanide in tanks or heaps; gold is recovered on carbon and poured as dore, an impure gold-silver bar.
4. **Refining** Refiners such as Valcambi, PAMP, Argor-Heraeus, Metalor and India's MMTC-PAMP take dore and scrap to 99.5% or 99.99% bars. MMTC-PAMP has 300 t a year of gold capacity (ICRA, Jul 2026).
5. **Wholesale trading and vaulting** London (LBMA 400-oz bars), Zurich, New York (COMEX), Shanghai (SGE) and Dubai move the bars. Switzerland, the UK and Hong Kong led 2024 exports by value (UN Comtrade).
6. **Import and distribution in India** Nominated banks and agencies import bars; qualified jewellers can also buy on IIBX in GIFT City. India imported 721 t worth $72.0 billion in FY2025-26 (commerce ministry data, as reported).
7. **Fabrication and holding** Karigars and factories turn bars into 22k and 18k jewellery; investors hold coins, ETFs and bonds; central banks hold 400-oz bars.
8. **Recycling** Old jewellery and scrap supplied 1,404 t in 2025, 28% of total supply (WGC). India recycled only 21.7 t, as households held on to gold.

#### Price movement snapshot 2026-10-25
 COMEX gold futures (front month) 4,008 US$/troy oz Close 2026-10-23 · Yahoo Finance 1 week **-4.1%** 6 months **-14.6%** World production 3.33 m kg, 2024 Largest producer China 11.32% of world Reserve life 20 yrs reserves ÷ 2025 output

#### Three things to know

- The US Treasury's 8,130 tons of gold are still carried at the official price of $42.22 per troy ounce (USGS).
- Global gold ETF purchases were 619 tons in the first nine months of 2025, over 25 times the year-earlier figure (USGS).
- The UK sold 375 tons of gold in 1999-2002 at an average of only $275 per ounce (Humphreys, pdf p. 41).

#### Top recent news snapshot 2026-10-25, last 30 days

- [Gold price prediction today: Will gold trade cautiously? Check October 14, 2026 outlook](https://news.google.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?oc=5)The Times of India · 2026-10-14
- [Gold Rate Today, October 14: Check 18, 22 and 24 carat gold prices in Chennai, Mumbai, Delhi, Kolkata and other cities](https://news.google.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?oc=5)The Indian Express · 2026-10-14
- [Natixis sees gold price falling to $4,100 by year-end, but three scenarios remain in play](https://news.google.com/rss/articles/CBMiuwFBVV95cUxOdVcwNU9ycUFfZUI0aU5SMkxnQmtsS19WQy1MUnlyLVRFUF9hZTlIeTNROWJGdndvekxoVUtYdFRCV3RKTWxsY29KV3NVTkRBQ0RKbk5BUGVfaU9wVjl0cDFuY1BpTmFfUFplQVNITnRkNE1pQk94d19tMnV2UGlfY21VRnJwOERnU1JVa2dFaEVGNDF6aUphTWltUU9ZZ201MkU4VTVWZFZTckM4SVZScXJDUVR6V2hlSXpv?oc=5)Kitco · 2026-09-29
- [Gold Rate Today October 13: Check latest Gold prices in Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune & Other Cities](https://news.google.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?oc=5)BusinessLine · 2026-10-13
- [Gold price prediction today: Will gold prices rise? Check October 13, 2026 outlook](https://news.google.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?oc=5)The Times of India · 2026-10-13

#### Read the tabs
[Extraction](https://www.materialinsights.org/commodities/gold/extraction/)[Production](https://www.materialinsights.org/commodities/gold/production/)[Stocks](https://www.materialinsights.org/commodities/gold/stocks/)[Cycles](https://www.materialinsights.org/commodities/gold/cycles/)[Trading](https://www.materialinsights.org/commodities/gold/trading/)[Movement](https://www.materialinsights.org/commodities/gold/movement/)[Criticality](https://www.materialinsights.org/commodities/gold/criticality/)[Characteristics](https://www.materialinsights.org/commodities/gold/characteristics/)[Emissions](https://www.materialinsights.org/commodities/gold/emissions/)

## Other sections

- [Summary](https://www.materialinsights.org/commodities/gold/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)
- [Criticality](https://www.materialinsights.org/commodities/gold/criticality/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)