10 Top Countries That Use The Most Gold*

*This post is in collaboration with Media Buzzer*

For many years, cultures around the world have coveted gold bullion, and things haven’t changed. Gold has been used not just for investment purposes but also in various industries.

Below, we look at 10 countries that consume the most gold in our world. If you would like to invest in such precious metal, click here to find out how to invest in City Gold Bullion.

1. Egypt

From as far back as the 13^th century BCE, ancient Egyptians were accountable for creating the very first topographic map, or Turin Papyrus Map. This map shows the locations of gold deposits as well as a gold-mining settlement. Egyptians revered gold so much that they called it the flesh of the gods. Today, the country consumes almost 30 metric tons of gold.

2. Russia

Russia consumes 30.2 metrics tons of gold. For the last few years, the country’s central bank has been the biggest net buyers of gold.

3. Indonesia

Indonesia consumes 34.2 metric tons of gold per annum. The country is home to the biggest known gold deposit as well as one of the largest gold mines.

4. Saudi Arabia

Islamic law used to prohibit citizens from investing in gold bullion. However, the laws changed in 2016 and the country now consumes 38.1 metric tons of gold.

5. Turkey

Turkish citizens consume 39.7 metric tons of gold per year.

6. Iran

In 2016, Iran was the 5^th largest gold jewellery buyer and so far in 2018, the Middle Eastern country is not showing any signs whatsoever of slowing down. Gold jewellery purchases in the country during the first three months of the year rose almost 30 percent for a four-year high. Iran consumes 39.7 metric tons of gold.

7. United Arab Emirates

Dubai is world-renowned as a premiere gold hub. In fact, Dubai’s Gold Souk market is home to nearly 300 shops, all of them display stunning gold items of every type imaginable. In 2011, the Italian Trade Commission discovered that Emiratis actually have the uppermost per capita acquisitions of gold in our world, with an average of 46.2 metric tons bought per year.

8. United States – 138 metric tons

Not only did the 1800s California Gold Ruch put the state on the map, it was also a turning point in history for gold mining. And today, Americans are more obsessed with gold than ever before.

9. India – 463 metric tons

India loves gold, and this love dates back thousands of years. It is said that Indian households have the biggest private gold holdings in the world.

10. China

As a country, China is the largest consumer of gold – 612.5 metric tons to be exact. During 2016, the country bought more gold jewellery than the US and India combined. This is due to the rise of upper-income earners and a thriving economy.

These are the 10 countries that consume the most gold. No doubt these numbers will continue to rise and we may even see other countries make the list in years to come.

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