Top-10 Gold Producing Countries in the World 2024

In the intricate tapestry of global economics, gold stands as a timeless emblem of wealth and stability. As we venture into 2024, it’s essential to unravel the narrative of the top 10 gold-producing countries, each weaving its unique story of exploration, extraction, and prosperity. These nations, spanning continents and cultures, hold the key to the world’s gold supply, shaping markets and influencing economies on a global scale.

Worldwide Production of Gold

Amidst a backdrop of economic uncertainties fueled by the COVID-19 pandemic and geopolitical tensions, the global gold price has surged in recent years, attracting heightened interest in the world’s leading producers. As nations grapple with inflation and seek safe-haven assets, central banks have bolstered gold demand. According to the latest data from the US Geological Survey, global gold production in 2023 totaled 3,000 metric tons, with several countries emerging as key contributors to the yellow metal’s supply chain.

Largest Gold Producer in the World 2024

China remains the largest producer of gold in 2024, with a mine production of 370 metric tons (MT). Despite a peak production of 455 MT in 2016, China’s consistent output exceeding 300 MT for over 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 the largest buyer of gold in 2023, adding 225 MT to its reserves, totaling 2,235 MT.

Top-10 Gold Producing Countries in the World 2024

China with the gold production of 370 MT, holds the distinction of being the largest gold producer in the world, followed by Australia, Russia, Canada and United States.

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

Largest Gold Producer in the World – China

Gold Production: 370 MT

China maintains its position as the world’s leading gold producer, with a consistent output exceeding 300 MT annually. Despite fluctuations, it hasn’t dropped below this mark in over a decade. The nation’s gold-mining sector is largely dominated by state-owned companies, with major players including China Gold International Resources, Shandong Gold, and Zijin Mining Group. China’s Belt and Road Initiative has further fueled exploration and development efforts, solidifying its status as a global leader in gold production.

Second Largest Country in terms of Gold Production – Australia

Gold Production: 310 MT

Australia ranks as the second-largest gold producer globally, with a production of 310 MT in 2023, maintaining consistency compared to the previous year. The country boasts a diverse range of major gold mining operations spread across different states, with significant contributions from mines like Newmont’s Boddington mine in Western Australia. Holding the world’s largest gold reserves at 12,000 MT, Australia plays a crucial role in global gold supply, contributing significantly to its economy.

World’s Third Largest Gold Producer – Russia

Gold Production: 310 MT

Russia maintains its position as the third-largest gold producer globally, matching its 2022 production with 310 MT in 2023. The country has experienced a notable increase in output since 2017, when it produced 255 MT of gold. With substantial reserves of 11,100 MT, Russia ranks second globally in gold reserves after Australia. Challenges in accessing global markets post the Ukraine invasion have prompted Russian operators to explore alternative markets, notably within BRICS nations and Asia.