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
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.
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.
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.
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.
While gold mining is spread across 10 provinces and territories, Ontario and Quebec contribute significantly, comprising 70 percent of the country’s gold output. Future projections indicate a 4 percent annual growth in Canada’s gold production from 2024 to 2030, reaching an estimated 9.4 million ounces by 2030.
United States — 172. 7 metric tons
The US ranks fifth among the top gold-producing countries, contributing 172.7 tons to global production. The United States has a rich gold mining history dating back to the 18th century, notably with the California Gold Rush in 1848. Despite interruptions during World War II, the 1980s saw a resurgence in gold production, driven by high prices and advanced techniques like heap leaching.
In 2019, the US ranked fourth globally, producing 200 tonnes of gold, valued at approximately US$8.9 billion. Most of the current production occurs in Nevada, making the US a significant contributor to the global gold market.
Ghana — 127 metric tons
Ghana holds the sixth position among global countries, known for its vibrant culture and historical ties to gold, and witnessed a 32% surge in gold production in 2022, reclaiming its position as Africa’s top producer.
The nation’s mining sector, particularly gold mining, plays a vital role in its economy, contributing significantly to GDP and offering employment opportunities. While not the world’s leading producer, Ghana’s impact on the global gold market remains noteworthy.
Peru — 125.7 tons
Peru, historically significant in silver production since the 12th century, played a vital role in global trade, contributing over 3 million troy ounces annually between 1600 and 1800.
Despite not being the top silver producer, Peru, ranking second globally in 2020, with 91,000 metric tonnes of untapped reserves, influences the world market. Recent technological leaps and market reforms under President Alberto Fujimori have fueled Peru’s mineral sector growth, making it a key player in the global renewable energy sector amid geopolitical uncertainties.
Indonesia — 124.9 metric tons
Indonesia, rich in mineral resources, produced nearly 125 tons of gold in 2022, with the Grasberg Gold Mine holding the world’s largest gold reserve, ranks seventh globally in gold production. The nation’s vibrant streets buzz with a thriving gold jewelry market, particularly embraced by 69 million women aged 20 to 54.
Indonesia’s impact stretches far beyond its borders, weaving its golden threads into the global fabric of commerce and culture. As the equatorial sun kisses the waves and ancient jungles whisper secrets, Indonesia remains a land where gold flows like stories through generations.
Mexico — 124 metric tons
Mexico’s gold production reached an impressive 124 tons, a 7.5% decrease from 2021. Ranking seventh globally in gold production, Mexico’s consistent output reflects its historical significance. Over the past five years, gold production experienced a slight decline, projected to continue at a rate of 2.11% from 2022 to 2026.
Despite this, Mexico maintains a positive trade balance in the mining sector, with mineral ores exports exceeding $12.2 billion in 2020, contributing to a total export value of $15.6 billion. Overall, Mexico remains a significant player in the global gold market and an influential force in the mining sector.
Uzbekistan — 110.8 metrics tons
Uzbekistan significantly contributed to global gold production, producing over 110 tons in 2022, mainly from the Muruntau mine, the world’s largest open-pit gold mine spanning 3.5 kilometers by 2.5 kilometers in the Qizilqum Desert, estimated to contain 4,000 tons of gold. Despite ranking 10th globally in production, Uzbekistan emerged as a leading gold seller, securing the position of the second-largest net seller by the end of 2023.
Notably, November’s gold exports alone were valued at $1.28 billion, contributing to a remarkable 11-month revenue of $8.15 billion, showcasing Uzbekistan’s significant impact on the global gold market.
