Gold Ore Market Report 2026

The gold ore market size has grown strongly in recent years. It will grow from $14.75 billion in 2025 to $16.01 billion in 2026 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to increasing global gold demand, development of mining and refining technologies, expansion of underground mining, rising investment demand for gold, growth of artisanal mining activities.

The gold ore market size is expected to see strong growth in the next few years. It will grow to $23.3 billion in 2030 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to increasing exploration of untapped reserves, rising adoption of sustainable mining technologies, expansion of gold demand in electronics, growing investment hedging demand, increasing regulatory oversight of mining operations. Major trends in the forecast period include increasing adoption of automated gold mining techniques, rising focus on high-recovery extraction methods, growing use of environmentally controlled mining practices, expansion of hardrock mining operations, enhanced emphasis on resource efficiency.

The rising demand for gold jewelry has driven the growth of the gold ore market. Gold jewelry refers to ornaments primarily made from gold. Gold is extracted from gold ores through the mining process and then refined into a form suitable for jewelry production. For instance, in January 2024, data from the World Gold Council (WGC), a global industry association for the gold sector, showed that global gold jewelry demand remained strong at approximately 2,093 tonnes in 2023. In the same year, annual gold demand (excluding over-the-counter (OTC) transactions) totaled 4,448 tonnes. When including significant OTC and stock flows of around 450 tonnes, total global gold demand reached a record 4,899 tonnes in 2023. Therefore, the growing demand for gold jewelry is fueling the gold ore market.

Major companies in the gold ore market are increasingly focusing on innovative solutions, such as autonomous mining and ore-handling technologies, to meet the rising demand for higher operational efficiency, improved worker safety, and reduced production costs amid declining ore grades, large-scale open-pit expansions, and stricter environmental and safety regulations. Autonomous haulage systems are advanced digital and mechanical solutions that leverage GPS, sensors, radar, artificial intelligence, and real-time fleet management software to enable heavy mining trucks to transport gold ore without onboard drivers, delivering higher equipment utilization, consistent performance, and lower accident risks compared with traditional manned haulage operations. For instance, in July 2025, Nevada Gold Mines, a United States-based joint venture between Barrick Gold Corporation and Newmont Corporation, in collaboration with Komatsu Ltd., a Japan-based construction and mining equipment manufacturer, deployed a first-of-its-kind FrontRunner Autonomous Haulage System (AHS) across its gold mining operations in Nevada. This system integrates large-capacity autonomous haul trucks with centralized fleet management and real-time data analytics to optimize ore transport from pit to processing facilities while operating continuously without driver fatigue or shift constraints. The FrontRunner AHS improves productivity through optimized routing and reduced downtime, enhances safety by removing personnel from high-risk zones, lowers fuel and maintenance costs via controlled driving patterns, and supports sustainability goals by increasing overall energy efficiency. This deployment underscores the growing role of automation and digitalization in the gold ore value chain, as mining companies strive to maximize recovery, reduce operational risk, and maintain long-term cost competitiveness.

In November 2023, Newmont Corporation, a USA-based gold mining and mineral processing company, acquired Newcrest Mining Limited for approximately $17 billion. Through this acquisition, Newmont aimed to expand its global gold ore production capacity, strengthen its portfolio of Tier-1 gold assets, and improve long-term reserve quality while realizing operational synergies across mining, processing, and exploration activities. Newcrest Mining Limited is an Australia-based gold mining company specializing in gold ore extraction, processing, and exploration, with a portfolio of large-scale gold and copper-gold operations across Australia, Papua New Guinea, Canada, and other international markets.

Major companies operating in the gold ore market are Barrick Gold Corporation, Newmont Mining Corporation, AngloGold Ashanti Limited, Kinross Gold Corporation, Newcrest Mining Limited, Gold Fields Limited, Polyus Gold International Limited, Agnico Eagle Mines Limited, Harmony Gold Mining Company Limited, Yamana Gold Inc., Kirkland Lake Gold Inc., Polymetal International plc, Coeur Mining Inc., Gold Reserve Inc., Golden Star Resources Ltd., Sibanye-Stillwater Limited, Evolution Mining Limited, Northern Star Resources Limited, Alamos Gold Inc., B2Gold Corp., Centerra Gold Inc., Eldorado Gold Corporation, Endeavour Mining Corporation, Equinox Gold Corp., Lundin Gold Inc., Pretium Resources Inc., Seabridge Gold Inc.

Asia-Pacific was the largest region in the gold ore market in 2025. The regions covered in the gold ore market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the gold ore market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The gold ore market includes revenues earned by entities by providing services such as exploration, mining, open pit mining, underground mining, processing, crushing, grinding, flotation, oxidization, leaching, and adsorption. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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