Global gold production reached about 3,300 tons in 2024. Notably, only 7 countries accounted for the majority of this figure, holding a large influence on the supply and trends of the world gold market.
Leading the world is still China, with a production of about 370 tons of gold in 2024. Mining activities are concentrated in provinces such as Shandong, Henan and Inner Mongolia.
In recent years, China has tightened environmental regulations, closed or merged small mines, thereby improving efficiency but also reducing the number of mining sites. The large demand from jewelry, technology and national reserves helps this country maintain high and stable production.
Ranked second is Russia, with about 310 tons of gold. Large mines are mainly located in Siberia, including Olympia - one of the largest gold mines in the world.
Despite sanctions and trade restrictions with the West, the Russian gold industry still maintains stability thanks to the strong participation of the state and closed-loop mining groups. Most of the gold is used domestically or exported to non-Western markets.
Australia ranks third with a production of about 300 tons. This country owns many large-scale open-pit mines and is assessed to have the largest determined gold reserves in the world.
Gold is one of Australia's key export commodities, backed by a stable legal environment, good infrastructure and long-term exploration investment.
Canada ranks fourth, mining about 200 tons of gold. Mines are concentrated in Ontario, Quebec and British Columbia. Canada attracts many global mining corporations thanks to its investment-friendly policies and clear environmental standards.
Due to low domestic demand, most of Canada's gold is exported.
In fifth place is the US, with a production of about 170 tons. Nevada contributes to 3/4 of the national production.
The US is not only an exploitation country but also plays an important role in refining and distributing gold to the international market, although spending on new mine exploration is not too strong compared to Canada or Australia.
Kazakhstan ranks sixth with about 130 tons of gold. Thanks to industrial reforms and attracting foreign capital, the country's gold production has increased significantly in recent years. Kazakhstan gold mainly serves exports, especially to Asia and Europe.
Ranked seventh is Mexico, with about 120 tons. Sonora, Zacatecas and Chihuahua states are the main mining centers. However, changes in environmental and mining policies have made investor sentiment somewhat cautious, causing capital flows into the gold industry to fluctuate according to world gold prices.
It is estimated that global gold reserves that can be mined are currently about 64,000 tons, mainly concentrated in Australia, Russia, the United States, China and South Africa. Meanwhile, gold demand in 2024 reached more than 4,600 tons, strongly driven by central banks, along with the jewelry and industrial sectors.
As new mines become increasingly difficult to find and costs increase, controlling gold resources is not only an economic story, but also a strategic problem for countries in a volatile world.
World gold price at 11:12 AM on January 1 (Vietnam time) was at 4,325.44 USD/ounce.
Domestic SJC gold bar prices are at 150.8 - 152.9 million VND/tael (buying - selling). 9999 Bao Tin Minh Chau gold ring prices are at 152 - 155 million VND/tael (buying - selling).
