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Visualizing Gold’s Return Across Currencies

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Visualizing Gold Return Across Currencies

Visualizing Gold’s Return Across Currencies in 2022

Gold has been regarded for a long time as a safe haven commodity that investors and governments use to protect their wealth.

While the metal posted a small gain in 2022 for investors in the U.S., it posted significant gains against other currencies.

This graphic based on data from the World Gold Council assesses gold’s price performance against major currencies in 2022.

Gold Price Performance in 2022

There is a direct correlation between the price of gold and the U.S. dollar since gold is mostly traded globally in U.S. dollars.

In 2022, record-high inflation and slow global economic growth were expected to send gold to new record highs.

However, gold performance against the USD was impacted by rising interest rates in the U.S., which pushed the Dollar Index to a 20-year high.

Almost every other currency around the world declined against the dollar in 2022. As a result, investors outside of the U.S. looked towards gold as a hedge against inflation.

Currency31 December 2022 price2022 return
U.S. dollar (oz)$1,8140.4%
Euro (oz)€1,6946.7%
Japanese yen (g)Â¥7,64614.4%
Pound sterling (oz)£1,50112.5%
Canadian dollar (oz)$2,4587.7%
Swiss franc (oz)â‚£1,6771.7%
Indian rupee (10g)₹48,24611.8%
Chinese yuan (g)Â¥4029.0%
Turkish lira (oz)₺33,93541.2%
Australian dollar (oz)$2,6627.1%

While investors in the U.S. saw a 0.4% gain with gold in 2022, the metal posted over a 10% return against the Indian rupee, pound sterling, Japanese yen, and the Turkish lira.

Gold Price in 2023

Several analysts are projecting record highs for gold in 2023 as the U.S. Fed is forecasted to slow its pace of rate hikes.

Gold’s price is also expected to be supported by increasing demand from central banks that are looking to diversify foreign exchange holdings and reduce exposure to the dollar.

In addition, gold bars and coins should remain in high demand thanks to an economic rebound in China, the biggest gold-consuming market in the world.

According to Goldman Sachs, gold’s price is expected to hover around $1,860 per ounce towards the end of 2023.

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Ranked: Top Countries by Natural Resource Value

Russia leads the pack with natural resources valued at $75 trillion.

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Ranked: Top Countries by Natural Resource Value

Ranked: Top Countries by Natural Resource Value

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Natural resources are the backbone of modern manufacturing, necessary to produce everything around us.

According to 2021 data from Statista, 10 countries dominate the global natural resource landscape, each holding vast reserves critical for various industries.

Russia’s $75 Trillion in Natural Resources

Russia leads the pack with natural resources valued at $75 trillion, largely consisting of coal, natural gas, oil, and rare earth metals. At the end of 2018, Russia’s Ministry of Natural Resources and the Environment valued the country’s mineral reserves at approximately $1.44 trillion.

In terms of global share, Russia is unmatched in natural gas, holding the world’s largest proven reserves at 1.32 quadrillion cubic feet as of 2020—nearly 20% of the global total. Russia also ranks as a gold powerhouse.

Other Resource Giants

The United States ranks second, with an estimated $45 trillion in natural resources, including coal, timber, natural gas, and valuable metals like gold.

CountryMain Natural ResourcesValue (in trillion USD)
🇷🇺 RussiaCoal, natural gas, oil, gold, timber, rare earth metals75
🇺🇸 U.S.Coal, timber, natural gas, gold, copper45
🇸🇦 Saudi ArabiaOil, timber34
🇨🇦 CanadaOil, uranium, timber, natural gas, phosphate33
🇮🇷 IranOil, natural gas27
🇨🇳 ChinaCoal, rare earth metals, timber23
🇧🇷 BrazilGold, uranium, iron, timber, oil22
🇦🇺 AustraliaCoal, timber, copper, iron ore, gold, uranium20
🇮🇶 IraqOil, phosphate rock16
🇻🇪 VenezuelaIron, natural gas, oil14

In Saudi Arabia and Canada, oil wealth drives natural resources, placing these countries third and fourth on the list. Saudi Arabia, with its vast oil fields, has been a leader in global energy markets. Canada, on the other hand, also benefits from substantial uranium deposits and is home to some of the world’s largest lumber companies.

Further down the list, China has vast coal reserves, positioning it as the top producer of the fuel.

Mineral-rich Brazil and Australia are leading producers of metals like iron ore, while Australia is also a top exporter of coal.

Learn More on the Voronoi App 

If you enjoyed this graphic, make sure to check out this graphic that shows how global coal consumption is still rising.

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Visualizing Gold Consumption vs. Domestic Supply

India’s consumption is 50 times higher than its domestic supply.

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This graphic compares gold demand (in tonnes) versus domestic gold production in ten selected countries.

Visualizing Gold Consumption vs. Domestic Supply

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

While India and China dominate the demand for gold, both countries face different scenarios when comparing supply gaps.

With its huge jewelry industry, India’s consumption is 50 times higher than its domestic supply. Meanwhile, China produces more than one-third of the gold it demands.

This graphic compares gold demand (in tonnes) versus domestic gold production in 10 selected countries. The data comes from the World Gold Council and was compiled by The Gold Bullion Company as of 2023.

India’s Massive Gold Market

Gold holds a central role in India’s culture, considered a store of value, a symbol of wealth and status, and a fundamental part of many rituals. The metal is especially auspicious in Hindu and Jain cultures.

With a population of over a billion, India tops our ranking with substantial gold demand, primarily for jewelry and gold bars.

CountryGold Production in Tonnes (2023)Gold Consumer Demand Deficit or Surplus
🇮🇳 India15748-733
🇨🇳 China378910-532
🇹🇷 Turkey37202-165
🇺🇸 United States167249-82
🇧🇷 Brazil861769
🇮🇩 Indonesia1334588
🇲🇽 Mexico12715112
🇨🇦 Canada19224168
🇷🇺 Russia32271251
🇦🇺 Australia29424270

China ranks second, with demand driven primarily by gold’s role as a store of value, especially by the People’s Bank of China. Central banks seek gold as a hedge against inflation and currency devaluation. Since 2022, the People’s Bank of China has increased its gold reserves by 316 tonnes.

In third place for gold demand, the U.S. consumed 249 tonnes in 2023, against a domestic supply of 167 tonnes.

Turkey ranks fourth, with mine production in 2023 at 37 tonnes, which is five times lower than its demand of 202 tonnes.

Learn More on the Voronoi App 

To learn more about gold, check out this graphic that shows the value of gold bars in various sizes (as of Aug. 21, 2024).

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