In 2024, the price of gold has reached all-time highs, this has prompted producing nations to increase their extraction to take advantage of this valuable resource. Discover the countries that top the list of suppliers of this precious metal.
Gold miningĀ is a global industry with operations on every continent except Antarctica. This precious metal is extracted from mines of different types and sizes; its production is vital for the economy of many countries..
According to the statistics from the World Gold Council, these are the countries that produced the most metric tons (MT) of gold in 2023.
Country | Production (TM) |
| 370 |
2. Australia | 310 |
3. Russia | 310 |
4. Canada | 200 |
5. United States | 170 |
6. Kazakhstan | 130 |
7. Mexico | 120 |
8. Indonesia | 110 |
9. South Africa | 100 |
10. Uzbekistan | 100 |
China: The World Leader
China has established itself as the world's largest gold producer, responsible for 10% of total global production in 2023, with 370 MT mined, an increase of 7% compared to 2022, according to figures from the United States Geological Survey.
This increase is partly due to the high domestic demand for gold Ā of bars and coins, driven by the Chinese government's need to diversify their reserves, continue reducing their dollar holdings and counteract the trade sanctions imposed by the United States. In 2024, China continues to lead the world gold production, demonstrating its ability to remain at the top of the global ranking.
Australia: A Climate Challenge
Tied with Russia as the second world's largest producer of goldĀ in 2023 with 310 MT, Australia has faced challenges in 2024. The gold productionĀ in Australia decreased 4% in the first quarter of the year due to adverse weather conditions that affected the mining operations.
Despite this, Australia remains a key player in the global gold industry, although its ability to maintain high levels of production will depend on how it manages these challenges in the near future.
Russia: Gold as a Shield against Sanctions
Also with 310 MT produced in 2023, Russia has increased its gold productionĀ in response to the international sanctions derived from the conflict in Ukraine.
The Russian government plans to increase the gold productionĀ by 4% annually until 2026, using gold as a strategy to strengthen its economy under sanctions. Russia has even gone as far as to link its national currency, the ruble, to gold, underscoring the strategic importance of this resource in times of conflict.
Canada: Sustained Growth
The fourth largest gold producerĀ in 2023, with 200 MT, has experienced a notable growth in 2024. Gold productionĀ in Canada increased by 16% in the first quarter of 2024, thanks to the intensification of operations in two of its main gold mines. Such growth reflects this North American country's ability to capitalize on favorable market conditions and its commitment to the development of its mining sector.
Future Perspectives
The global gold production in 2024 is on track to exceed the 3 thousand TM produced in 2023, although much will depend on the economic and geopolitical conditions
As global demand for gold continues on the rise, it will be interesting to see the evolution of the main gold producersā rankings. With global reserves estimated by the United States Geological Survey at 57 thousand TM still to be extracted in the world, gold stands out as a valuable and strategic resource for many nations.
Protect your savings
Aktagold's mission is to help people around the world to protect their money from the economic and financial instability of their countries of origin, by providing them with access to saving in physical gold, safely stored in high-security vaults in Canada, an option that used to be reserved only for the wealthiest ones.
Contact us and learn more about how to protect your wealth by saving in gold.
Comments