Global Gold Production in 2023: A Visualization

Over 3,000 Tonnes of Gold Produced Worldwide in 2023

In 2023, the global production of gold exceeded 3,000 tonnes. This information is presented in a graphic by Visual Capitalist's Marcus Lu, which ranks countries based on their gold production. The data is sourced from the most recent USGS publication on gold statistics, released in January 2024.

China, Australia, and Russia: Top Gold Producers in 2023

China led the world in gold production in 2023, accounting for over 12% of the global total, with Australia and Russia following closely behind. The majority of China's gold mines are located in eastern provinces such as Shandong, Henan, Fujian, and Liaoning. As of January 2024, China's gold mine reserves are estimated to be around 3,000 tonnes, which is approximately 5% of the global total of 59,000 tonnes.

Besides being the leading producer, China also emerged as the largest purchaser of gold for the year. The country's central bank alone acquired 225 tonnes of gold in 2023, as reported by the World Gold Council.

Global Gold Consumption in 2023: An Estimate

The majority of the gold produced in 2023 was utilized in the manufacturing of jewelry, while a significant portion was also sold as a store of value, such as in the form of gold bars or coins. The breakdown of gold consumption is as follows:

• 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, the global gold mine production is expected to increase by 15% over the medium term (2023-2032), driven by high prices that encourage investment and output.

Final Thoughts

It's fascinating to observe the dynamics of global gold production and consumption. China's dominance in both production and consumption highlights its significant role in the global gold market. What are your thoughts on this? Do you think this trend will continue in the future? Feel free to share this article with your friends and engage in a discussion. Don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.