Over 3,000 tonnes of gold were produced globally in 2023.

In this graphic, we list the world’s leading countries in terms of gold production. These figures come from the latest USGS publication on gold statistics (published January 2024).

China, Australia, and Russia Produced the Most Gold in 2023

China was the top producer in 2023, responsible for over 12% of total global production, followed by Australia and Russia.

Country	Region	2023E Production (tonnes)
?? China	Asia	370
?? Australia	Oceania	310
?? Russia	Europe	310
?? Canada	North America	200
?? United States	North America	170
?? Kazakhstan	Asia	130
?? Mexico	North America	120
?? Indonesia	Asia	110
?? South Africa	Africa	100
?? Uzbekistan	Asia	100
?? Ghana	Africa	90
?? Peru	South America	90
?? Brazil	South America	60
?? Burkina Faso	Africa	60
?? Mali	Africa	60
?? Tanzania	Africa	60
? Rest of World	–	700

Gold mines in China are primarily concentrated in eastern provinces such as Shandong, Henan, Fujian, and Liaoning. As of January 2024, China’s gold mine reserves stand at an estimated 3,000 tonnes, representing around 5% of the global total of 59,000 tonnes.

In addition to being the top producer, China emerged as the largest buyer of the yellow metal for the year. In fact, the country’s central bank alone bought 225 tonnes of gold in 2023, according the World Gold Council.

Estimated Global Gold Consumption

Most of the gold produced in 2023 was used in jewelry production, while another significant portion was sold as a store of value, such as in gold bars or coins.

• Jewelry: 46%
• Central Banks and Institutions: 23%
• Physical Bars: 16%
• Official Coins, Medals, and Imitation Coins: 9%
• Electrical and Electronics: 5%
• Other: 1%

According to Fitch Solutions, over the medium term (2023-2032), global gold mine production is expected to grow 15%, as high prices encourage investment and output.