The gold market - Italy (2023)

1.1 Definition and presentation

Gold is a chemical element, more precisely a transition metal distinguished by the atomic number 79 and the symbol Au, which occurs naturally and is usually yellow in color. This metal is found in alluvial deposits or igneous rocks in various forms such as nuggets, grains and specks. The unit of measurement by which gold titration is expressed is the carat, which measures the degree of purity of the material. Gold has various applications in different fields such as:

• In the astronautical sector for satellite coatings
• In the medical sector for fillings or for the production of drugs
• In the electrical sector in various parts of computers or other telecommunications equipment
• In the luxury sector to create clothing and jewelry
• In the financial sector to use it as a form of investment

Regarding the global gold market,the USGS estimated world gold production at 3,100 tons for the year 2022. China remains the world's largest gold producer with a total production of 329 tons in 2021, followed by Russia and Australia.

Both globally and with regard to the Italian market, the most common uses of gold are: as a form of investment, intended as a safe haven asset, and as a component for making jewelry. Regarding the first use in Italy, the purchase of gold bars and coins does not require the payment of VAT, under certain legal conditions, and for this reason it is often used as a form of investment. In addition, since it is an investment with low volatility and therefore low risk, Italians consider it as part of their investment portfolio. Regarding its use in the jewelry industry, Italy makes great use of it, being the home of fashion and luxury. The export of Made in Italy gold jewelry to China and America is gaining particular importance.