Global gold production on the rise

Diana Estefanía Rubio

Global gold production on the rise

Global production of gold reached approximately 3,000 metric tonnes in 2023. China, Australia, Russia, Canada, and the United States were, respectively, the largest producers of gold in the world that year. ranked first with a production volume exceeding 12% of total global production.

In January 2024, China’s gold mine reserves stood at an estimated 3,000 tons, representing around 5% of the global total of 59,000 tons. China also emerged as the largest buyer of the yellow metal for 2023. According to the World Gold Council, the Chinese Central Bank alone acquired 225 tonnes of gold.

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

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

Gold prices reached record levels in April, exceeding $2,400 per ounce, affected by the escalation of conflicts and the worsening instability and uncertainty in the world.

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