Gold is one of the most sought-after metals in the world, with a variety of uses across a range of industries including jewelry, electronics, and even currency. As the global demand for gold increases, so too does the need to better understand the current landscape of gold production.
Today, we’re taking a look at the world’s 10 largest producers of gold and how this ranking has shifted from 2017 to 2023. We’ll also explore how these countries have positioned themselves within the global gold supply chain and what factors have contributed to their success.
Starting at #10, the United States holds the title of the world’s 10th largest gold producer. In 2017, the US had a production value of 8.6 tonnes of gold. By 2023, this value drastically increased by 25%, up to 10.8 tonnes of gold produced. The rise in gold production can be attributed to improved technology and infrastructure advancements that have enabled gold miners to become more efficient and productive.
The second-place spot goes to Russia, which, in 2017, extracted 214.8 tonnes of gold but increased production to 248 tonnes by 2023. Egypt is the third-largest gold producer, with production levels increasing by 17.5% between 2017 and 2023, from 94.8 tonnes to 111.2 tonnes.
Next on the list, in 4th place, is South Africa. This country boasts the world’s largest gold reserves, estimated to be at 6,000 tonnes. It’s also one of the world’s oldest producers of gold, having been the driving force behind the 21st-century gold rush. Its 2017 production rate of 131 tonnes increased to 150 tonnes by 2023.
Rounding out the top 10 gold producers are China (146.6 tonnes in 2023), Mexico (89.3 tonnes in 2023), Peru (81.3 tonnes in 2023), Australia (80.2 tonnes in 2023), Indonesia (45 tonnes in 2023), and Canada (31.2 tonnes in 2023).
Overall, the global gold demand is expected to continue to rise due to the continued investment in this precious metal. Countries in the top 10 aren’t just the largest producers of gold, but have also made significant investments to improve their extraction, processing, refining, and sales protocols, positioning themselves as industry leaders in the global gold supply chain.