Gold is one of the most valuable and sought-after commodities in the world. Gold has a long and complex history, with its use as a form of currency for trade and a form of savings for centuries. Gold has been an integral part of the global economy ever since. As of 2021, the value of gold is at its highest since 2011, making it an even more attractive investment.
As the demand for gold rises, so does the need for gold producers. The top 10 gold producers in the world have an immense impact on the global gold market. Many countries are producers of gold, and therefore are key to both the global supply and demand for the precious metal.
The top three gold producing countries based on the total share of global gold production are: China, Australia, and the United States. Collectively, these three countries produced more than 50% of the world’s gold in 2020. In increasing order, the top gold producing countries are China, Australia, the United States, Russia, Peru, South Africa, Mexico, Canada, Ghana, and Indonesia, based on the latest data from The World Gold Council for the year 2020.
China is the top gold producing country in the world with an estimated 453.0 tonnes of gold produced in 2020, which accounts for almost 15.7% of the global gold production. China has traditionally been the top gold producer in the world. Geographically, China is well-endowed with gold deposits in its provinces of Yunnan, Fujian, Jiangxi, Zhejiang and Sichuan.
Australia is the second leading gold producer in the world, producing 328.0 tonnes of gold in 2020, and contributing almost 11.3% to the global gold production. Australia’s gold production is mainly concentrated in the neighbouring states of Western Australia and New South Wales. Significant gold deposits are also found in South Australia, Queensland and Northern Territory.
The United States ranks third in the world in terms of gold production, producing approximately 255.1 tonnes of gold in 2020. It is followed by Russia, which produced 217.0 tonnes of gold, and Peru with 204.6 tonnes. Collectively, these five countries make up over 50% of the world’s gold production.
South Africa, Mexico, Canada, Ghana and Indonesia are the other five countries that complete the list of the 10 largest gold producers in the world. While gold mining is the major money maker for these countries, many of them also have other minerals in abundance such as diamonds, copper, oil, nickel and uranium.
Going forward, with the price of gold already higher than it’s ever been and expected to increase further in the coming years, the demand for gold will only increase. As a result, the role of gold producing countries will become even more vital as they look to meet the demand from all around the world.