Gold industry injected $210bn into global economy last year

The independent report by economists at PwC, commissioned by the World Gold Council (WGC), is the first to take into account the entire value chain from large-scale mining supply to consumer demand with the goal of quantifying how the precious metal contributes to local and global economic development.

To date, research of this kind has typically been confined to examining the value created by a particular project, event or company in a specific market segment or country.

Terry Heymann, Director of Gold for Development at the World Gold Council, said the total economic contribution of gold is likely to be considerably greater than this study of large scale gold mining indicates, if all global gold mining activity were able to be included.

Consumer demand

Consumer demand for physical gold —mainly in the form of jewellery, coins and small bars — contributed close to $110bn to the global economy last year, shows the study.

Read More: www.mining.com/gold-industry-injected-210bn-into-global-economy-last-year-92900/