Gold has long been one of Canada’s most valuable natural resources, but its story doesn’t end once it’s mined. From jewelry and investment products to advanced technologies and recycled precious metals, gold continues to circulate through the economy in a cycle of use, renewal, and reuse.
In 2024, gold was Canada’s most valuable mineral commodity, with a production value of $16.9 billion. Strong global demand, growth in mining production, and record prices have underscored the importance of gold across Canada and around the world.
Why Gold Remains in Demand
Gold's enduring appeal stems from a unique combination of beauty, rarity, and practicality.
Jewelry remains the largest source of global demand for gold, accounting for 44 % of all gold used in 2024. Its durability and resistance to corrosion have made it the material of choice for rings, necklaces, watches, and other precious items for centuries.
Gold is also a popular investment. In 2024, investment demand accounted for 26 % of global gold consumption. During periods of inflation, economic uncertainty, and market volatility, investors often turn to gold to diversify their portfolios and preserve their wealth.
Beyond jewelry and investment, gold plays an important role in modern technology. Its excellent conductivity and resistance to corrosion make it a valuable material for electronics, telecommunications, microprocessors, and other advanced technologies.
Canada's gold production continues to grow
Canadian Gold Production, by Region, 2024
Canada remains one of the world’s leading gold-producing countries. In 2024, Canadian mines produced nearly 200 metric tons of gold, an increase of 5 % from the previous year and 25 % compared to 2015.
Gold is mined in ten provinces and territories, with Ontario and Quebec leading the way. Together, these two provinces accounted for 68 % of Canada’s total gold production in 2024.
Ontario produced 79.9 metric tons of gold, followed by Quebec with 55.5 metric tons. British Columbia contributed 17.6 metric tons, while the Yukon produced 6.0 metric tons. The other provinces and territories collectively produced more than 41 metric tons.
This steady growth reflects the gold industry’s ongoing importance to the Canadian economy and helps ensure a reliable supply of one of the world’s most sought-after precious metals.
Record Gold Prices: A Spotlight on the Value of Gold
Gold prices have risen sharply over the past decade, reinforcing the metal's reputation as a store of value.
After hitting a low of 1,068 $ US per troy ounce in December 2015, gold prices rose gradually in response to concerns about inflation, economic uncertainty, and rising investor demand. In 2024, the average price of gold was 2,387 $ US per troy ounce and reached a high of 2,690 $ US during the year.
For many Canadians, these higher prices have increased the value of the gold they already own. Jewelry tucked away in a drawer, inherited coins, broken chains, or old bullion purchases may be worth much more today than they were just a few years ago.
Gold's journey doesn't end after it's sold
Gold Smelting Process
One of the most remarkable aspects of gold is that it can be recycled repeatedly without losing its purity or value. Unlike many other materials, gold can be refined and reused over and over again.
As gold prices rise, more people are choosing to sell jewelry and other gold items they no longer need, which increases the supply of recycled gold available on the market. In 2024, the global supply of recycled gold reached 1,370 metric tons, an increase of 11.% from the previous year.
This process is a key component of the precious metals industry and the foundation of what we do at Canada Or. Every day, Canadians bring unused, broken, or outdated gold jewelry to our stores. Much of this gold is refined and returned to the market, where it can be used in new jewelry, investment products, and other applications.
Some of this recycled gold even begins a whole new chapter. Thanks to our sister company, 100 Ways, refined gold can be transformed into custom jewelry, giving new life to precious metals that may have been forgotten in a jewelry box for years.
This is a powerful reminder that gold is unique among almost all other resources. It retains its value, can be recycled indefinitely, and continues to find new uses from generation to generation.
Giving Gold a New Lease on Life
From Canadian mines to jewelry stores, investment portfolios, and recycling facilities, gold remains one of the country’s most important and sustainable resources. Its ability to retain its value while being continuously refined and reused is one of the main reasons why gold has remained in high demand for thousands of years.
If you have gold jewelry you no longer want, broken pieces, or other gold items gathering dust, Canada Or can help you unlock their value. With locations across Canada, our experienced team offers professional appraisals, competitive payouts, and transparent service. Visit your nearest Canada Or location today and discover how your old gold can begin its next chapter.
Data source: Natural Resources Canada
