Top 10 gold consuming countries in the world: Where does India stand?

Gold consumption in India has been steadily increasing over the past three years. In 2024, the total gold demand was 802.8 tons, a 5% increase compared to 2023. Which are the top 10 countries that use the most gold globally?

Gold consumption

India is among the top 10 countries in gold consumption, surpassing China in 2024. This high demand stems from cultural traditions, investment preferences, and industrial uses. Let's explore the top 10 countries with the highest gold consumption.

Gold

In Iran, gold is linked to cultural aspects and serves as a hedge against economic instability. Turkey views gold as a cultural and economic asset, often in the form of coins and bangles.

Saudi Arabia and Thailand

Saudi Arabia values gold jewelry for its cultural significance and luxurious designs. Thailand also has a high demand for gold, both for adornment and as a traditional form of savings and investment.

Germany and the United States

Germany, a major European economy, consumes gold primarily in bars and coins, prioritizing storage over wearing. The United States uses gold for jewelry, industrial purposes, investment, and in various sectors like electronics and medicine.

China and India

China, the second-largest gold consumer, has a strong cultural connection to gold jewelry. It also uses gold in industrial applications and as a form of investment. India, the world's top gold consumer, uses gold extensively in cultural and religious practices, jewelry, and as a strong investment asset.