The World’s Largest Gold Producing Countries, 2023
Gold has always been regarded as a very valuable and respected metal. Because of its consistently shown enduring worth, it is a highly sought-after commodity worldwide. While China, Russia, Australia, and the United States have recently outperformed South Africa in terms of gold output and reserves, the country was once known for its enormous gold deposits.
When there is a global crisis, investors frequently look to gold because of its scarcity and capacity to provide a safe haven. Gold is a valuable hedge against economic uncertainty since it is not prone to inflation and has a long-term storage value. Its enduring appeal as an investment choice is partly due to its historical significance as a status and money symbol.
The earth’s crust contains only 0.001 to 0.006 parts per million of the metal gold, making it extremely uncommon. Owing to its strength and beauty, this valuable metal has been sought after for generations. But it’s crucial to consider how much gold is actually mined from the planet each year and which nations are the biggest producers of this priceless commodity.
world's largest producers of gold, 2023
| Rank | Country | Gold Production (tons) |
|---|---|---|
| 1 | China | 420 |
| 2 | Australia | 330 |
| 3 | Russia | 310 |
| 4 | United States | 200 |
| 5 | Canada | 180 |
| 6 | Indonesia | 160 |
| 7 | Peru | 130 |
| 8 | Ghana | 130 |
| 9 | Mexico | 110 |
| 10 | South Africa | 101 |
| 11 | Uzbekistan | 100 |
| 12 | Kazakhstan | 100 |
| 13 | Sudan | 93.1 |
| 14 | Brazil | 85 |
| 15 | Argentina | 72 |
| 16 | Guinea | 71 |
| 17 | Papua New Guinea | 70 |
| 18 | Colombia | 65.23 |
| 19 | Mali | 60.08 |
| 20 | Burkina Faso | 50 |
| 21 | Tanzania | 48.2 |
| 22 | Dr Congo | 39 |
| 23 | Philippines | 38.6 |
| 24 | Chile | 38.5 |
| 25 | Turkey | 37.79 |
| 26 | Zimbabwe | 33.20 |
| 27 | Suriname | 32.79 |
| 28 | Ivory Coast | 32.4 |
| 29 | Dominican Republic | 31.8 |
| 30 | Guyana | 25.5 |
| 31 | Mongolia | 16.3 |
| 32 | Togo | 16 |
| 33 | Mauritania | 15.1 |
| 34 | Egypt | 14.9 |
| 35 | Nigeria | 14.2 |
| 36 | Panama | 11 |
| 37 | Senegal | 9 |
| 38 | Sweden | 8.1 |
| 39 | Tajikistan | 8.1 |
| 40 | New Zealand | 7.8 |
| 41 | Finland | 7.7 |
| 42 | Japan | 7.1 |
| 43 | Namibia | 6.6 |
| 44 | Zambia | 5.9 |
| 45 | Guatemala | 5 |
| 46 | Bulgaria | 5 |
| 47 | Saudi Arabia | 4.3 |
| 48 | Armenia | 4.2 |
| 49 | Spain | 3.6 |
| 50 | Ecuador | 3.5 |
| 51 | Uganda | 3 |
| 52 | Georgia | 3 |
| 53 | Azerbaijan | 2.79 |
| 54 | Malaysia | 2.12 |
| 55 | Honduras | 1.9 |
| 56 | Solomon Islands | 1.8 |
| 57 | Cameroon | 1.7 |
| 58 | Fiji | 1.41 |
| 59 | India | 1.4 |
| 60 | Eritrea | 1.4 |
| 61 | Uruguay | 1.2 |
| 62 | Niger | 1.10 |
| 63 | Botswana | 1 |
| 64 | Greece | 0.8 |
| 65 | Gabon | 0.67 |
| 66 | Serbia | 0.6 |
| 67 | Poland | 0.5 |
| 68 | Morocco | 0.4 |
| 69 | Romania | 0.4 |
| 70 | Kenya | 0.2 |
| 71 | Afghanistan | 0.04 |
Top 10 Countries With The LARGEST Gold Reserves!
Why do countries have gold reserves?
Why do nations maintain reserves of gold? Because gold reserves serve as a dependable store of wealth and are essential to a nation’s economic stability, especially in times of financial uncertainty. Throughout the late 1800s and a large portion of the 1900s, the gold standard was widely used. During this period, nations established a fixed exchange rate between their currency and a predetermined quantity of gold in order to support the value of their paper money. In essence, each unit of currency that was printed had a fixed value in gold, and people could convert their paper money into real gold at this fixed rate.
Many nations still have gold reserves, despite the fact that they were formally abandoned in the 1970s; demand for gold reserves is rising as economic uncertainty increases. Gold is again the asset of choice for central banks seeking a safe haven. Even as the modern economic environment changes, a nation’s gold holdings remain vital in determining its creditworthiness and general economic position.
Here are the current rankings of gold reserves by country in Q2, 2023, as estimated by the World Gold Council.
| Rank & Country | Gold Reserve (in tonnes) | Gold Reserve (in $ millions) & Holdings in % |
|---|---|---|
| #1 United States of America | 8,133.46 | 500,051.32 (68.22%) |
| #2 Germany | 3,352.65 | 206,123.34 (67.39%) |
| #3 Italy | 2,451.84 | 150,740.76 (64.37%) |
| #4 France | 2,436.88 | 149,820.96 (66.33%) |
| #5 Russian Federation | 2,329.63 | 143,227.53 (24.59%) |
| #6 China | 2,113.46 | 129,937.39 (3.84%) |
| #7 Switzerland | 1,040.00 | 66,195.23 (7.41%) |
| #8 Japan | 845.97 | 52,011.06 (4.17%) |
| #9 India | 797.44 | 49,027.21 (8.17%) |
| #10 Netherlands | 612.45 | 37,654.11 (56.38%) |
| #11 Turkey | 439.75 | 27,036.24 (30.40%) |
| #12 Taiwan (POC) | 423.63 | 26,963.51 (4.59%) |
| #13 Portugal | 382.63 | 23,524.50 (68.92%) |
| #14 Uzbekistan | 377.28 | 23,195.59 (68.57%) |
| #15 Saudi Arabia | 323.07 | 20,563.03 (4.48% |
| #16 Kazakhstan | 313.53 | 19,276.09 (55.82%) |
| #17 United Kingdom | 310.29 | 19,076.68 (11.01%) |
| #18 Lebanon | 286.83 | 18,256.79 (55.08%) |
| #19 Spain | 281.58 | 17,311.60 (17.71%) |
| #20 Austria | 279.99 | 17,214.07 (56.05%) |
