Central banks still hold historical gold reserves as a store of value although the level has generally been declining. The largest gold depository in the world is that of the U.S. Federal Reserve Bank in New York, which holds about 3% of the gold known to exist and accounted for today, as does the similarly laden U.S. Bullion Depository at Fort Knox. In 2005 the World Gold Council estimated total global gold supply to be 3,859 tonnes and demand to be 3,754 tonnes, giving a surplus of 105 tonnes.After 15 August 1971 Nixon shock, the price began to greatly increase, and between 1968 and 2000 the price of gold ranged widely, from a high of $850 per troy ounce ($27.33/g) on 21 January 1980, to a low of $252.90 per troy ounce ($8.13/g) on 21 June 1999 (London Gold Fixing). Prices increased rapidly from 2001, but the 1980 high was not exceeded until 3 January 2008, when a new maximum of $865.35 per troy ounce was set. Another record price was set on 17 March 2008, at $1023.50 per troy ounce ($32.91/g).In late 2009, gold markets experienced renewed momentum upwards due to increased demand and a weakening US dollar. On 2 December 2009, gold reached a new high closing at $1,217.23. Gold further rallied hitting new highs in May 2010 after the European Union debt crisis prompted further purchase of gold as a safe asset.
Because ore grades of 30 ppm are usually needed before gold is visible to the naked eye, in most gold mines the gold is invisible. The average gold mining and extraction costs were about $317 per troy ounce in 2007, but these can vary widely depending on mining type and ore quality; global mine production amounted to 2,471.1 tonnes.After initial production, gold is often subsequently refined industrially by the Wohlwill process which is based on electrolysis or by the Miller process, that is chlorination in the melt. The Wohlwill process results in higher purity, but is more complex and is only applied in small-scale installations. Other methods of assaying and purifying smaller amounts of gold include parting and inquartation as well as cupellation, or refining methods based on the dissolution of gold in aqua regia.As of 2020, the amount of carbon dioxide CO2 produced in mining a kilogram of gold is 16 tonnes, while recycling a kilogram of gold produces 53 kilograms of CO2 equivalent. Approximately 30 percent of the global gold supply is recycled and not mined as of 2020.Corporations are starting to adopt gold recycling including jewelry companies such as Generation Collection and computer companies including Dell. Consumption
The consumption of gold produced in the world is about 50% in jewelry, 40% in investments, and 10% in industry.According to the World Gold Council, China was the worlds largest single consumer of gold in 2013, overtaking India.