Visual Capitalist has recently compiled a list of the world’s top gold producing countries. The data is based on the latest gold data from the USGS, published in January 2024.
The top three gold producing countries in the world are China, Australia, and Russia. China is the world’s leading gold producer, with a market share of around 12% and a production of 370 tonnes. Australia and Russia follow closely behind, each producing 310 tonnes of gold. Canada and the United States round out the top five, with 200 and 170 tonnes of gold produced, respectively.
Gold mining in China is mainly concentrated in the eastern provinces of Shandong, Henan, Fujian, and Liaoning. In addition to being the leading producer, China is also the world’s largest gold buyer. In fact, the country’s central bank alone purchased 225 tonnes of gold in 2023, according to the World Gold Council.
The majority of the gold produced in 2023 was used for jewelry, with another portion sold as a store of value in the form of gold bars or coins. Jewelry accounted for 46% of gold demand, while central bank and institutional gold holdings accounted for 23%. Gold coins and medals accounted for around 9%, while industrial and electrical applications accounted for around 5%.
According to Fitch Solutions, global gold mine production is expected to grow by 15% over the medium term (2023-2032), driven by higher prices encouraging investment and increased production.
Since May 2023, the price of gold has increased by around 13.6%, from $2,024 per ounce to around $2,301 per ounce.
