Top-10 Gold Producing Countries in the World (2024) (2024)
Gold has captivated humanity for millennia, prized for its beauty, luster, and status as a symbol of wealth. Even today, gold remains a valuable commodity, used in jewelry, electronics, and as a safe-haven investment during times of economic uncertainty.
China continues to reign supreme as the world’s top gold producer in 2024, with an estimated output of 370 metric tons. This dominance can be attributed to several factors, including China’s vast geographic area, rich mineral resources, and a long history of state-backed mining initiatives. Australia and Russia follow closely behind, each producing around 310 metric tons of gold annually. These countries also boast extensive gold mining traditions and well-developed mining infrastructure.
Canada and the United States are also significant gold producers, with estimated outputs of 200 and 170 metric tons, respectively. Canada, in particular, has a long tradition of gold mining in provinces like Ontario and Quebec, dating back to the 19th century gold rushes. The United States also has a rich gold mining history, with the California Gold Rush of the mid-1800s shaping the country’s development. Today, Nevada is the leading gold-producing state in the US.
Further down the list, Kazakhstan, Mexico, Indonesia, South Africa, and Peru round out the top 10 gold producers in 2024. Kazakhstan, for instance, is home to the Muruntau gold mine, the world’s largest open-pit gold mine by area.
Mexico’s gold mining industry has roots that stretch back to the Aztec era, and the country remains a major producer today. Indonesia boasts rich mineral resources and has seen significant growth in its gold production in recent years.
Here’s a breakdown of the top 10 gold-producing countries in 2024:
It’s important to note that these figures are estimates and can vary depending on the source. However, they provide a good general overview of the global gold mining landscape in 2024. The gold mining industry plays a significant role in the economies of these countries, creating jobs and generating revenue. However, it’s also important to consider the environmental impact of gold mining, which can include water pollution, deforestation, and land degradation. As the world looks to a more sustainable future, responsible mining practices are becoming increasingly important.
In addition to the environmental impact, the gold mining industry can also face social challenges. These can include issues around worker safety, fair labor practices, and community development in mining regions. Looking ahead, responsible mining practices that take into account both environmental and social considerations will be essential for the long-term sustainability of the gold mining industry.
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.
In the first half of 2024, central banks purchased 483 tonnes of gold, setting a new record. Turkey was the largest buyer of gold in the first half of this year, acquiring a total of 45 tonnes. India ranked second, purchasing a total of 37 tonnes of gold in the first six months.
Gold could reach $3,000 per ounce by mid-2025 and $2,600 by the end of 2024 driven by U.S. interest rate cuts, strong demand from exchange traded funds and over-the-counter physical demand, said Aakash Doshi, head of commodities, North America at Citi Research.
One of the reasons for a cheaper gold rate in Dubai is zero GST (goods and services tax) on bullion and gold jewellery, while India imposes 3% GST on gold. Apart from this, Dubai jewellery stores charge a reasonable manufacturing cost, which makes 24K gold in Dubai approximately 5% to 7% cheaper than in India.
Hong Kong could be the country with the cheapest gold price in the world. You can walk into a number of banks and purchase gold coins, often with a lower premium compared to other countries.
John Paulson is an American hedge fund manager and billionaire famous for having one of the world's biggest privately owned gold reserves. He's also well known for predicting the 2007 mortgage financial crisis and has made headlines for his mammoth-sized gold holdings through his firm, Paulson & Co.
At the top of the list, the United States has around 8,000 tonnes of gold in its vaults, which is almost three times the amount of gold held by the following three nations combined and accounts for 79% of all reserves.
The United States holds the world's largest stockpile of gold reserves by a considerable margin of over 8,100 tons. The U.S. government has almost as many reserves as Germany, Italy, and France combined.
Being the highest karat of gold, it's easy to assume that 24K is the “best” gold to buy, but that isn't necessarily the case. Pure gold can be easily scratched and bent, so it's impractical for daily wear (yet the most expensive).
In 2022, China topped the list of major gold consuming countries, with consumption amounting to almost 825 metric tons. By comparison, world gold production from mines in 2022 was estimated to have been some 3,000 metric tons.
Analysts foresee that gold prices could reach around ₹75,000 per 10 grams by the end of 2024. The prediction is based on several key reasons: Economic Uncertainties: Gold usually performs well during periods of economic instability and high inflation.
The top gold mining companies for September 2024, based on 30-day returns, include Perpetua Resources (PPTA), Skeena Resources (SKE), and Seabridge Gold (SA). Gold mining companies provide a way for investors to gain access to the gold market without investing directly in physical gold.
In 2021, Cortez Operations mine in Nevada, owned by Nevada Gold Mines LLC produced approximately 26.9 metric tons of gold, making it the leading gold mine in the United States.
"We think if there's a surge in market volatility, especially around the election this fall, gold could make new highs in 2024. If volatility remains low, fundamentals should drive gold higher over the next 12 months regardless of market volatility," Patrick Kennedy, founding partner at AllSource Investments, says.
Introduction: My name is Neely Ledner, I am a bright, determined, beautiful, adventurous, adventurous, spotless, calm person who loves writing and wants to share my knowledge and understanding with you.
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