May 15, 2018
WELLESLEY, Mass., May 15, 2018– Due to a resurgence in economic growth across multiple emerging countries, the global market for gold is looking toward a promising future, according to a new report from BCC Research. However, there are many restraints facing the industry including pressure to reduce costs and improve margins, depleting gold reserves, shortage of skilled labor, fatal mining accidents and increasing trade protectionism.
The global market for gold was worth $163.9 billion during 2017. It is estimated to be valued at $189.6 billion by 2022, indicating a compound annual growth rate (CAGR) of 3%, according to the new report Global Markets for Gold.
Prominent players within this market include Barrick Gold Corp., Newmont Mining Corp., Zijin Mining Group, AngoGold Ashanti and Kinross Gold Corp.
“Due to its conductive and anti-corrosive properties, gold is a critical component in the electronics industry,” the report states. “As the electronics and computers market is expected to continue to grow in the future, demand for gold will consequently push the gold market. In 2014, total industrial demand for gold was 346.5 metric tons, which accounted for 9% of total gold demand for that year. In addition, demand for gold in the electronics sector was 277.6 tons.”
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Global Markets for Gold( CHM098A )
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