Top 10 Gold producing countries in the world

Gold, a precious resource vital in various sectors, is globally mined on every continent except Antarctica. China leads as the top producer of gold globally. In 2023, record-high gold prices were driven by geopolitical tensions and economic uncertainties.

International Netherland Group Bank anticipates this trend to continue into 2024, fueled by demand for safe-haven assets and changes in US interest rates.

Central banks, including China, Poland, Türkiye, and India, bolstered gold reserves, contributing to the surge. ING forecasts an average gold price of $2,031 per ounce in 2024, potentially reaching $2,100 in the fourth quarter.

According to the latest data from the World Gold Council, here are the top 10 gold-producing Countries in the World as of December 31, 2022

1. China — 375 metric tons

In 2023, China’s gold production increased by 0.84%, reaching 375.16 metric tons, with the People’s Bank of China boosting reserves by 225 tons. Gold consumption rose by 8.78%, totaling 1,089.69 metric tons, driven by a 15.98% surge in gold bars and coins, while economic resurgence led to a 5.2% GDP growth, despite cautious consumer spending.

1. Russia — 324.7 metric tons

Russia, the world’s second-largest gold producer, mined 324.7 tons in 2022, securing its position as Europe’s main gold supplier since 2010. With efficient operations and vast reserves, Russia’s gold industry significantly influences the European market.

The value of Russia’s gold reserves surpassed $150 billion, driven by rising prices, reaching a historic milestone. November data from the Russian Central Bank reported a substantial increase in gold investments to $151.9 billion, reinforcing Russia’s key role in the global precious metals market.

1. Australia — 313.9 metric tons

Australia, the world’s third-largest gold producer, mined 313.9 tons, in 2022. The Golden Mile in Western Australia is a historic gold deposit. Australia’s gold exports generated $25.8 billion in 2022, with a 2021 gold rush attracting $1.6 billion in investments.

Historical gold rushes in Bathurst, Ballarat, Bendigo, and Kalgoorlie fueled economic growth and population increase from 1851 to 1860. Australia’s enduring gold legacy remains crucial in the global gold market.

1. Canada — 194.5 metric tons

Canada produced an estimated 194.5 metric tons of gold in 2022, maintaining its consistent position among the top five global gold producers. Canada secured its fifth-largest producer status with an output of 6.9 million ounces. Recognized for environmentally responsible mining, the industry focuses on minimizing ecological impact.