The largest gold producers by country
Gold is one of the rarest elements in the world, making up between 0.001 and 0.006 parts per million of the earth’s crust.
It’s the world’s most precious metal that helps mitigate risk when a geopolitical crisis leads to economic uncertainty.
Gold is not only used for jewelry, technology, bars, and coins, but central banks also stock up on it. Central banks hold more than 35,000 metric tons of gold, making up about a fifth of all the gold ever mined.
Historically, countries like South Africa were known to house some of the world’s largest gold reserves, but these have been surpassed by nations like China, Russia, Australia, and the United States over the years.
In this article, we will discover which countries are the world’s largest gold producers.
The world’s top gold producers :
- China – 368.3 tonnes :
China is the largest global gold producer, accounting for 11% of production worldwide. In recent years, the levels of gold reserves decreased from 383 tonnes to 368.3 tonnes.
This continuous decrease in the gold production has been due to the strict environmental regulations introduced by the Chinese government, leading to the closure of many small mines that weren’t efficient
- Russia – 331.1 tonnes :
Russia is the second-largest gold producer in the world after outstripping Australia of this position in 2019. Russia has positioned itself to be Europe’s main supplier of gold since 2010 as it increased its production capacity on an annual basis to the 331.1 tonnes in reserves.
- Australia – 327.8 tonnes :
Despite having dropped from second position to being the third-largest gold producer in the world, Australia has an increased production from eight years leading up to 2021. The country has about 327.8 tonnes of gold in reserves.
- United States – 190.2 tonnes :
The United States (US) is the fourth largest global gold producer with 190.2 tonnes in reserves.1 The country’s gold supply decreased below the 200 tonnes mark since 2019 and the pandemic likely didn’t help those production numbers.
- Canada – 170.6 tonnes :
For 2022, gold production in Canada fell a little by 3 MT from 2021, but the country still managed to increase its status as the fifth-largest yellow metal. Canada’s gold production has risen in recent years from 175 MT in 2019.
-> Those are the world’s 5 top producers of gold, China holds the world’s largest gold reserves, followed by Russia with 331.1 tonnes.
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