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Gold facts

Gold is a precious metal commonly used for investments and jewellery (rings, necklaces, watches, etc.). Gold’s superior electric conductivity and resistance to corrosion has also made it an important input into electronic and technology applications.

Key facts

  • Gold is among Canada's most valuable mined commodities, with a production value of $13.2 billion in 2022.
  • Gold is mined in 10 Canadian provinces and territories, with the majority coming from Ontario and Quebec that together accounted for 72% of Canada’s mined gold production in 2022.
  • Canadian mines produced 204 tonnes of gold in 2022, ranking Canada as the fourth-largest global producer.

Learn more about gold

Uses

In 2022, gold demand by central banks and other institutions reached a decade high. The increase was brought on largely by global economic uncertainties and inflation. Jewellery remained gold’s primary use, accounting for 47% or 2,195 tonnes of the world’s demand.

Investors buy gold in the form of wafers, bars and coins, often as a measure of protection from the risks of inflation and market volatility. Gold-backed exchange-traded funds (ETF) are another source of investment demand for gold.

Approximately 7% of the demand for gold is for use in technology applications, mostly as a component of micro-circuitry in a range of electronic products.

Gold uses, 2013–2022 (p)

line graph: Gold uses, 2013–2022 (p)
Text version

This line graph shows the global uses for gold from 2013 to 2022. Jewellery ranges between 38% to 60% share of demand, with a return to 47% in 2022 after a period of volatility brought on by the COVID-19 pandemic. Investment ranges from 19% to 47% of demand, with a return to 24% in 2022 after a sharp increase in 2020. Technology consistently ranges between 7% and 8%, ending the year 2022 at 7% share of demand. Central banks and other institutions range between 7% and 23% and saw a salient increase to 23% share of demand in 2022.

Gold demand, 2022 (p)

pie chart: Gold demand, 2022 (p)
Text version

This circular chart shows the global demand for gold in 2022. The largest share of gold uses was jewellery (47%), followed by investment (24%), central bank net purchases (23%), and technology (7%).

Production

Gold production by Canadian mines has been increasing steadily over the last decade. Production reached 204 tonnes of gold in 2022, which is 8% higher compared to the previous year and 55% higher compared to 2013.

Mine production in Ontario increased by 38% in 2022, while the remaining provinces and territories saw production decrease slightly. Ontario and Quebec produced 72% of the gold mined in Canada in 2022.

Canadian gold production, by region, 2022 (p)

pie chart: Canadian gold production, by region, 2022 (p)
Text version

This circular chart graph shows Canada's annual gold mine production for 2022. Ontario was the leading producer of gold in Canada at 92.9 tonnes (46%), followed by Quebec at 54.1 tonnes (27%), British Columbia at 20.4 tonnes (10%), Yukon at 4.6 tonnes (2%), and Manitoba at 3.2 tonnes (2%). The other provinces and territories produced 28.8 tonnes (14%).

Canadian gold production, 2013–2022 (p)

bar graph: Canadian gold production, 2013–2022 (p)
Text version

This bar graph shows Canada's annual gold mine production from 2013 to 2022. Production was 131 tonnes in 2013, steadily growing until a slight production decrease in 2019 and 2020, before increasing again to a peak production of 204 tonnes in 2022.

International context

Global gold mine production was estimated at 3,100 tonnes in 2022, almost equivalent to 2021 production.

The top five gold-producing countries accounted for 43% of the world's annual gold output in 2022. Canada ranked fourth, with 6.6% of global mined production.

World gold mine production, by country, 2022 (p)
Ranking Country Tonnes Percentage of total
1 China 330 10.6%
2 Australia 320 10.3%
3 Russia 320 10.3%
4 Canada 204 6.6%
5 United States 170 5.5%
6 Ghana 130 4.2%
- Other countries 1,626 52.5%
World total 3,100 100.0%

World gold mine production, 2013–2022 (p)

bar graph: World gold mine production, 2013–2022 (p)
Text version

This bar graph shows the world's annual gold mine production from 2013 to 2022. Production was 2,800 tonnes in 2013, gradually increased to 3,317 tonnes by 2019, fell to 3,027 tonnes in 2020 and increased again to 3,100 tonnes by 2022.

World reserves

Gold mineral ore reserve estimations are based on ore that can be considered reasonably, economically and technically extractable at the time of estimation. According to the U.S. Geological Survey, world reserves of gold ore were estimated at 52,000 tonnes in 2022.

World reserves of gold, by country, 2022 (p)
Ranking Country Tonnes (thousands)
1 Australia 8.4
2 Russia 6.8
3 South Africa 5.0
4 United States 3.0
5 Indonesia 2.6
6 Brazil 2.4
7 Canada 2.3
8 China 1.9
- Other countries 19.6
Total 52.0

Trade

Exports

  • The value of Canadian gold exports in 2022 was $22.3 billion, a 4% increase from the previous year’s total of $21.4 billion.
  • Canada exported 156 tonnes of gold to the United Kingdom, accounting for 53% of Canada’s gold exports. The United Kingdom is a major importer of gold because of its role as a global financial hub for gold trade, where international investors purchase and sell gold on the London Bullion Market Association.
  • Canada’s exports of unwrought gold increased to 297 tonnes in 2022, up from 293 tonnes in 2021. The value of unwrought gold exports was $21.0 billion in 2022, increasing from $20.1 billion in 2021.
  • The value of Canadian gold exports in metal ores and concentrates remained steady at $1.2 billion in 2022 compared to the previous year.

Imports

  • The value of gold imports in Canada was $14.6 billion in 2022, up from $12.1 billion in 2021.
  • Canada imported 290 tonnes of unwrought gold in 2022, valued at $14.4 billion. This is a 1% increase in quantity and a 17% increase in value compared to 2021.

Prices

Gold prices fluctuated significantly over the last decade, ranging from US$1,286 per troy ounce in June 2013 up to US$1,968 per troy ounce in August 2020. Prices generally declined and remained low from 2013 until September 2018, when gold prices started to recover.

In 2022, gold prices ranged from US$1,948 to US$1,664 per troy ounce after a record-breaking peak in 2020. After investors flocked to the safe-haven commodity during the COVID-19 pandemic, central banks and other institutions seeking to hedge against inflation continued to place upward pressure on prices. Gold prices remain at historically high levels, closing the year at US$1,797 per troy ounce in December 2022.

Gold prices, monthly average, 2013–2022

(US$/troy ounceFootnote *)

line graph: Gold prices, monthly average, 2013–2022
Text version

This line graph shows the monthly average gold price in US dollars per troy ounce from 2013 to 2022. The gold price decreased from $1,671 in January 2013 to a low of $1,068 in December 2015. The price generally increased between January 2016 and June 2019 before accelerating to reach a new peak price of $1,968 in August 2020. Declining slightly from the peak price, gold prices have fluctuated but remained relatively stable around $1,800 in 2021 and 2022, ending the year at $1,797 per troy ounce.

Recycling

Gold is continually being recycled, often in the form of old jewellery that is melted down for reuse. A major motivation for consumers to sell or hold onto their gold jewellery is the price of gold in their respective currencies.

When gold prices rise, it usually increases the supply that is available for scrap (recycled gold). The recycled gold supply in 2022 was 1,140 tonnes, a slight increase from 1,136 tonnes in 2021.

Recovering gold from end-of-life electronics is an additional and major contributor to the global scrap supply.

Notes and sources

(p) preliminary

Totals may be different because of rounding.

All dollars are Canadian unless otherwise indicated.

Uses

  • Gold uses, 2013–2022 (p)
    • World Gold Council
  • Gold demand, 2022 (p)
    • World Gold Council

Production

  • Canadian gold production, by region, 2022 (p)
    • Statistics Canada
    • Suppression of confidential data by Statistics Canada renders production numbers for some provinces unavailable.
  • Canadian gold production, 2013–2022 (p)
    • Natural Resources Canada; Statistics Canada

International context

  • World gold mine production, by country, 2022 (p)
  • World gold mine production, 2013–2022 (p)
    • Natural Resources Canada; Statistics Canada (Canadian Statistics)
    • U.S. Geological Surveys
  • World reserves of gold, by country, 2022 (p)
    • U.S. Geological Surveys

Trade

  • Imports and exports of Canadian gold, 2022 (p)
    • Natural Resources Canada; Statistics Canada
    • Mineral trade includes ores, concentrates, and semi- and final-fabricated mineral products.

Prices

  • Gold prices, monthly average, 2013–2022
    • The London Bullion Market Association (PM Fix)

Recycling

  • Recycled Gold Supply, 2022
    • World Gold Council

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