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ShreeMetalPrices: 7 largest gold producers in the world

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According to the latest records China is the largest gold producer in the world. But before we read more about the largest gold producers of the world, let’s try to explore and understand where and when did the gold production first took place.

It is assumed that gold mining has been achieved for nearly 7,000 years and that the Egyptians had been the primary to smelt gold round 3, six hundred B.C. Years later, preserve earrings appeared. Throughout history, gold has been of top notch price to humans, inspiring gold rushes and it even led to wars.
Gold is one of the rarest and precious elements ever found, yet it only makes up 0.001 to 0.006 parts per million of the entire earth’s crust.

Gold production remains vital around the world. The world’s gold production affects the price of gold based on the law of supply and demand.

In 2021, about 3,000 metric tons of gold was produced globally.

Gold production remains vital around the world. The world’s gold production affects the price of gold based on the law of supply and demand.

Gold production remains dynamic across the globe. The world’s gold producers affects the gold price depending on the law of supply and demand.

Here’s the list of world’s 7 largest gold producers :

  • China – largest gold producer

China is the largest gold producer in the world and its production has increased over the years from 320 metric tons in 2009 to around 370 tons by December 2021.
China’s holds major share of the entire world’s gold mine production which accounts for 11% and China has been the top gold producers for many years.

However, in the previous year China’s gold production has declined for about 400 tons, making it third year in a row where a fall in a production was recorded. Experts believe that this has happened because of the government’s harsh environmental regulations being the driving factor for the downtrend.
Majority of China’s gold mines are situated in Shandong Province, it’s a place located halfway  between Shanghai and Beijing. One-fifth of the entire output in under the control of China National Gold Group.

  • Australia

Australia is believed to have around 17% of the world’s total estimated gold reserves. It has around 330 Metric Tons of gold production. Gold has been a major export for Australia since the late 1800. Australia has been named the second largest gold producers for over a decade now, just  ebind China, and due to its resistance to the Covid-19 pandemic  has helped to remain on track with regular production.

It’s true that the repercussions of covid-19 pandemic were indeed unavoidable, and Global Data statistics indicate that Australian gold production evolved marginally in 2020 compared to 2019.
But key factors such as border closures, limitations, the decision of federal government authorizing the nation’s mines as important industry, all aided Australia’s mining industry to continue its work.

  • Russia

It’s no surprise that Russia is drenched with gold, because of the fact that it makes up to 1/6 of the entire planet’s area. Russia gold production is estimated at 300 Metric Tons. A whopping 83% of the total gold consumed in Europe comes from Russia. It’s production has increased steadily from 2010. Apart from gold,  Russia is the largest producers of other precious metals like diamonds and platinum.

Due to conflict with Ukraine, harsh international sanctions have been imposed on Russia making its market slow and dull. Russia is planning to establish its domestic gold mining significantly to enhance its production,  this is possibly only by developing new mines and accelerating the growth on old mines. A couple of years ago only a small portion of Russia’s gold production was exported because majority of the domestic gold was bought by the Bank of Russia.

Later in 2020, the trend has changed , majority of the gold production in Russia was exported. Market experts believe based on the global statistics that Russia can become the largest gold producer in world going past China and Australia.

  • United States of America

Discovery of gold in United States happened way back in 1799 in North Carolina.
Gold exports have been fluctuating in USA since 2007 , reaching a low of 297 Metric tons in 2020 due to the impact of Covid-19 pandemic. The estimated gold production in the United States is around 180 Metric Tons. Although, the gold exports recovered subsequently in the following year. The United States rarely exports gold than it imports. In 2020 the United States have 545 metric tons of gold imports and by September 2021 it has the largest gold reserves holding in the world. In the present times the majority of the United States gold  production is excavated from Nevada – a huge open pit heap leach mines, and the rest comes from Western states and Alaska. Seven of top ten US locations and three of top ten gold mines in the entire world coles from Nevada – the leading gold mining state in United States.

  • Canada

The first discovery of gold in Canada took place in the 1820’s on the banks of the Chaudiere River in the Eastern townships of Quebec. As of today Canada stands as the fift largest gold producers in the world by continuing exploration of new mines in different provinces and territories across the country. The gold production on Canada is estimated to be 170 Metric Tons.

The Malartic Mine situated in Quebec is the largest operating gold mine in Canada. Canadian gold exports in 2020 were estimated at $23.7 billion, which is a 6% increase from the previous year’s total of $22.3 billion. The United knigdom imported 6.5 mlion ounces of gold from Canada which accounts for 70% of total Canada’s gold exports. The value of gold imports in Canada was $15.6 billion in 2020, which is an increase from $9.6 billion in 2019.

  • Indonesia

At present, Indonesia produces 4% of the total global gold production, and 50% of the total production comes from the Grasberg mine. The estimated production of gold in Indonesia is around 160 Metric Tons. Most of the gold produced in Indonesia is exported abroad. In the recent time the Indonesian government is accelerating the establishment of national processing industry units to upscale the profits by exporting products that have added value.

More than 2000 gold mining locations are found in the present day Indonesia. Community mining had been practiced in Indonesia over 100’s of years. Gold production in Indonesia has tremendously increased after the great financial crisis in 2000.

  • Peru

Peru amounted for 97.3 Metric Tons of gold production in 2021, which is uo by 10.4% from the previous year. The Covid-19 pandemic impacted the Peru gold production, which reached its record low of 88.1 Metric Tons in 2020. Inspired of this decrease in the 2020 pandemic year , Peru still stood out as the seventh largest gold producers in the world.

India was one the main export destination for Peru. In 2021 Peruvian Gold Exports, amounting to around $2.1 billion dollars were exported to India, and gold exports worth $2 billion dollars each were sent to Canada and Switzerland. That year Peru’s total gold  exports estimated to be around $7.81 billion dollars.

Apart from government bonds and securities,  gold is one of most essential reserve assets that is globally approved and acquainted. Since it doesn’t bare any credit or counterparty concerns and it also functions as a great source of trust in a nation and in all economic circumstances.

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