Top-10 Gold Producing Countries in the World 2024

In the complex framework of global economics, gold stands as a timeless symbol of wealth and stability. As we enter 2024, it is essential to unravel the narrative of Top 10 gold producing countries, each weaving its own unique story of exploration, extraction and prosperity. Spanning continents and cultures, these countries hold the keys to the world’s gold supply, shaping markets and influencing economies globally.

worldwide gold production

The global gold price has surged in recent years amid the backdrop of economic uncertainties arising from the COVID-19 pandemic and geopolitical tensions, sparking interest from the world’s major producers. As nations grapple with inflation and seek safe-haven assets, central banks have increased demand for gold. According to the latest data from the US Geological Survey, global gold production in 2023 Total 3,000 metric tonsMany countries are emerging as major contributors to the supply chain of the yellow metal.

Largest gold producer in the world 2024

China lives Largest producer of gold in 2024with The mine production is 370 metric tons (MT), despite a Highest production of 455 MT in 2016China’s consistent production of more than 300 metric tons for more than a decade solidifies its position as the world leader in gold production. Dominated by state-owned operators, China’s gold mining industry includes major companies such as China Gold International Resources, Shandong Gold and Zijin Mining Group. Additionally, China’s central bank emerged as Biggest buyers of gold in 2023 By adding 225 metric tons to its reserves, the total became 2,235 metric tons.

Top 10 gold producing countries in the world 2024

China with 370 metric tons of gold production, has the honor of being The largest gold producer in the worldIt is followed by Australia, Russia, Canada and the United States.

Here is the list of top 10 gold producing countries in the world in 2024:

Largest gold producer in the world – China

Gold production: 370 metric tons

China retains its position as World’s leading gold producerwith a consistent output More than 300 metric tons annually. Despite the ups and downs, it has not fallen below this mark in more than a decade. The country’s gold mining sector is largely dominated by state-owned companies, with China Gold International Resources, Shandong Gold and Zijin Mining Group being the major players. China’s Belt and Road Initiative has further boosted exploration and development efforts, strengthening its position as a global leader in gold production.

Second largest country in terms of gold production – Australia

Gold production: 310 metric tons

Australia Ranks as Second largest gold producer globallywith Production of 310 metric tons in 2023Maintaining continuity compared to last year. The country boasts a diverse range of major gold mining operations spread across different states, with mines such as Newmont’s Boddington mine in Western Australia making a significant contribution. Having the world’s largest gold reserves of 12,000 metric tons, Australia plays a key role in the global gold supply, and contributes significantly to its economy.

World’s third largest gold producer – Russia

Gold production: 310 metric tons

Russia retains its position as Third largest gold producer globally, To scale up its production by 2022 to 310 MT in 2023. The country has experienced a significant increase in production since 2017, when it produced 255 metric tons of gold. With substantial reserves of 11,100 metric tonnes, Russia ranks second in gold reserves globally after Australia. Challenges in access to global markets following the invasion of Ukraine have prompted Russian operators to explore alternative markets, particularly within the BRICS countries and Asia.