The world’s top gold producers in 2024: China leads, US holds steady

Gold remains one of the most sought-after commodities on Earth, valued not only as a financial haven during times of economic instability but also as a key industrial and technological resource.

In 2024, global gold production reached approximately 3,661 metric tonnes, setting a new record amid surging demand from central banks and investors worldwide. But which nations are driving this output, and how do they rank on the global stage?

China

China remains the world’s largest gold producer, responsible for approximately 380 metric tonnes in 2024, around 10–11% of global production. Much of this comes from state-owned companies that dominate the mining sector, alongside global exploration projects tied to Beijing’s Belt and Road Initiative.

Russia

Russia retained its position as the second-largest producer, yielding roughly 310 metric tonnes in 2024. Despite geopolitical challenges and sanctions, the country’s mining sector remains robust, with gold exports forming an important part of its resource-driven economy.

RECOMMENDED FOR YOU

Six countries account for three-quarters of Europe’s unicorn startups

Australia

Australia ranked third globally with 290–300 metric tonnes of gold mined last year. The country’s prolific reserves in Western Australia continue to sustain its role as one of the world’s gold mining hubs, supported by a mature regulatory and industrial environment.

Canada

Canada produced around 200 metric tonnes in 2024, keeping its place among the top five gold producers. Most of its output comes from mining centres in Ontario and Quebec, where leading firms like Agnico Eagle and Newmont operate major projects.

United States

The United States rounds out the top five with about 160 metric tonnes of production in 2024. The majority comes from Nevada, home to Nevada Gold Mines, a joint venture between Barrick Gold and Newmont, alongside additional production from Alaska.

Together, these five countries account for nearly half of all newly mined gold worldwide. Their output not only underpins global jewellery and technology industries but also shapes financial markets, where gold remains a hedge against inflation and instability.

At the corporate level, mining giants like Newmont (6.7 million ounces in 2024) and Barrick Gold (3.9 million ounces) dominate production and investment flows, reinforcing the global concentration of gold supply.