Purity Gold Market Size, Share, Price and Manufacturing Plants Analysis 2022

The global High-Purity Gold market is expected to witness significant growth over the forecast period. This growth can be attributed to the fact that gold is increasingly being seen as the safest investment in troubled economic times such as currency fluctuations and high inflation. Gold is considered as one of the most precious metals and due to its many favorable characteristics such as high ductility and malleability, the demand for gold is increasing at a rapid pace. It is also considered as a smart and safe investment particularly in troubled economic times as well as times of war and rebellions. With the growing civil unrest in numerous countries around the world and the increased frequency of wars among nations especially in the Middle East in countries such as Libya, Syria and Egypt. Among others, the gold industry is expected to receive a significant boost in the next few years.

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The term used as the measure of purity or gold content is known as karat. 24 karat and 23 karat gold is classified as high purity gold. 24k gold has the highest purity which means that all 24 parts are made of pure gold without the mixture of any other metals or alloys and is therefore 99.9% pure. It has a distinct bright yellow color and there is no higher purity than 24k. The demand for 24k high purity gold has been very high in the past few years and this trend is expected to continue in the future as well on account of the growing popularity of owning 24k gold bars and coins for investment purposes. The high purity gold market is anticipated to see positive growth also due to its increased application in the electronics sector. Gold is being used as a highly efficient conductor that aids in carrying tiny currents with the added advantage of being corrosion resistant. The demand for such products is expected to increase over the forecast period due to their high practical reliability.

The use of 24k gold is also popular in the medical equipment market in devices such as gold tympanostomy tubes that are used to improve aeration of the middle segment of the ear for children who suffer from ear infections. 23k is also categorized as high purity gold as it consists of 23 out of the 24 parts with pure gold and one part made of another metal or alloy such as silver, zinc and nickel among others. 23k gold although not that common is still used in bars and coins as it is not suited for jewelry owing to the fact that it is pliable and soft. The demand for gold bars and coins is augmented by the ever-increasing need for investment the world over and hence the high purity gold market is projected to expand in the next few years. This market incorporates significant opportunities over the forecast period for manufacturers to invest in research and development activities so as to come out with more efficient methods of gold purification in order to obtain high purity gold without impurities. Retailers are also presented with numerous innovation opportunities to come out with new applications for high purity gold, in order to increase market size and reach.

The global high purity gold market can be segmented based on end use into investment, jewelry and others. The high purity gold jewelry segment although small in market size as high purity gold is not often used in jewelry, has been declining further in the past few years as consumers are liquidating their jewelry due to slow economic growth. The gold market in China however, has expanded vastly over the last few years on account of the growing middle class and rising disposable income among them. According to the World Gold Council, the Chinese market in 2013 was responsible for more than a quarter of the jewelry market globally.

The Asia Pacific region has been the largest producer and consumer of high purity gold in the past and this trend is expected to continue in the future as well owing to the rising disposable income among the general population in growing economies such as China, India and other South East Asian nations. Furthermore, the expanding electronics industry in this region is also growing and this is anticipated to propel the high purity gold market. In terms of gold production, Europe is projected to be the fastest growing region with Russia playing a major role. The leading high purity gold producing nations in the world are Australia, Canada, Mexico, Brazil, Indonesia, Peru, Russia, Papua New Guinea, Uzbekistan and the US among others.

The global high-purity gold market is highly fragmented with a large number of companies investing heavily in research and development in order to gain a larger share of the market. Moreover, the industry is becoming even more competitive on account of numerous small scale regional players vying for market space. Intense competition among retailers is also resulting in new advanced and innovative applications for high-purity gold. The prominent players in the market include Barrick Gold, Gold Fields Limited, Gabriel Resources Limited, Jinshan Gold Mines Inc., Newcrest Mining Limited, AngloGold Ashanti, Goldcorp Freeport McMoRan Copper &Gold Inc., Newmont Mining Corporation, Harmony Gold Mining Company Limited and New Gold Inc. among others.

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