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Visualizing Global Gold Production in 2023

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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.

CountryRegion2023E Production (tonnes)

ChinaAsia370

AustraliaOceania310

RussiaEurope310

CanadaNorth America200

United StatesNorth America170

KazakhstanAsia130

MexicoNorth America120

IndonesiaAsia110

South AfricaAfrica100

UzbekistanAsia100

GhanaAfrica90

PeruSouth America90

BrazilSouth America60

Burkina FasoAfrica60

MaliAfrica60

TanzaniaAfrica60

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.

The post Visualizing Global Gold Production in 2023 appeared first on Visual Capitalist.

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