Europe: Gold Market 2025

Gold Market Size in Europe

In 2021, the Europe gold market decreased by -42.3% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption showed a slight shrinkage. Over the period under review, the market reached the peak level at $X in 2020, and then shrank dramatically in the following year.

Gold Production in Europe

In value terms, gold production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 54%. As a result, production attained the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Gold Exports

Exports in Europe

In 2021, overseas shipments of gold were finally on the rise to reach X tons after two years of decline. Overall, exports, however, saw a slight reduction. The most prominent rate of growth was recorded in 2013 when exports increased by 71%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, gold exports soared to $X in 2021. In general, exports posted a moderate increase. The most prominent rate of growth was recorded in 2013 with an increase of 87%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Switzerland was the key exporting country with an export of about X tons, which recorded 51% of total exports. The UK (X tons) took a 25% share (based on physical terms) of total exports, which put it in second place, followed by Russia (10%). The following exporters - Italy (X tons), Germany (X tons), Belgium (X tons) and Spain (X tons) - together made up 9.2% of total exports.

Switzerland experienced a relatively flat trend pattern with regard to volume of exports of gold. At the same time, the UK (+15.1%), Russia (+13.8%) and Belgium (+4.4%) displayed positive paces of growth. Moreover, the UK emerged as the fastest-growing exporter exported in Europe, with a CAGR of +15.1% from 2012-2021. By contrast, Italy (-9.5%), Germany (-9.9%) and Spain (-27.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the UK, Russia and Switzerland increased by +19, +7.6 and +4.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Switzerland ($X) remains the largest gold supplier in Europe, comprising 53% of total exports. The second position in the ranking was held by the UK ($X), with a 25% share of total exports. It was followed by Russia, with an 11% share.

In Switzerland, gold exports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: the UK (+37.8% per year) and Russia (+14.5% per year).

Export Prices by Country

The export price in Europe stood at $X per kg in 2021, with an increase of 2.8% against the previous year. Export price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold export price increased by +58.4% against 2015 indices. The most prominent rate of growth was recorded in 2020 when the export price increased by 26%. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Switzerland ($X per kg), while Belgium ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+37.2%), while the other leaders experienced more modest paces of growth.

Gold Imports

Imports in Europe

In 2021, supplies from abroad of gold increased by 1.9% to X tons, rising for the third year in a row after two years of decline. The total import volume increased at an average annual rate of +2.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 when imports increased by 42% against the previous year. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, gold imports shrank to $X in 2021. Total imports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +71.0% against 2018 indices. The pace of growth appeared the most rapid in 2016 when imports increased by 55%. Over the period under review, imports attained the peak figure at $X in 2020, and then shrank in the following year.

Imports by Country

Switzerland represented the main importing country with an import of around X tons, which resulted at 58% of total imports. The UK (X tons) ranks second in terms of the total imports with a 25% share, followed by Italy (4.9%). Germany (X tons), Austria (X tons) and Spain (X tons) took a minor share of total imports.

Switzerland experienced a relatively flat trend pattern with regard to volume of imports of gold. At the same time, the UK (+24.4%), Spain (+11.1%), Germany (+7.3%) and Austria (+5.8%) displayed positive paces of growth. Moreover, the UK emerged as the fastest-growing importer imported in Europe, with a CAGR of +24.4% from 2012-2021. Italy experienced a relatively flat trend pattern. While the share of the UK (+20 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Italy (-1.7 p.p.) and Switzerland (-18.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest gold importing markets in Europe were Switzerland ($X), the UK ($X) and Germany ($X), together comprising 89% of total imports.

In terms of the main importing countries, the UK, with a CAGR of +28.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Europe amounted to $X per kg, which is down by -14.4% against the previous year. Import price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gold import price increased by +57.9% against 2015 indices. The most prominent rate of growth was recorded in 2016 an increase of 35%. Over the period under review, import prices attained the peak figure at $X per kg in 2020, and then shrank in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was the UK ($X per kg), while Spain ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+11.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform