To understand the gold industry and its importance in the world economy, it’s important to have a basic knowledge of top countries that produce and consume gold.
Top 10 Gold Producing Countries
In reality, the list of top countries in terms of gold production changes every year, but those countries most frequently listed are generally considered to be the largest gold producers in the world. Some of these countries focus on gold exports.
When there is supply constriction in any of these countries, there is a price hike. One trend in production is a reduction of gold mining in some countries due to environmental issues.
The List:
- China produces more than 355 metric tons of gold per year, with one mine in Xinjiang province having up to 200 tons of gold.
- Australia produces about 270 metric tons of gold per year. Even though most of the mines are located in Western Australia, gold can be found in most Australian states.
- The United States produces approximately 237 metric tons of gold per year. The largest mines are located in Nevada.
- Russia produces nearly 200 metric tons of gold per year. This amount changes every year and sometimes it exceeds the production of the US.
- South Africa produces almost 190 metric tons of gold per year. In fact, South Africa was known as the world’s largest gold producer for many years. However, production has dwindled in recent years.
- Peru produces around 150 metric tons of gold per year. Much of the gold mining is in the Amazon belt of Peru.
- Canada produces approximately 110 metric tons of gold per year. Much of the mining is concentrated in the western provinces of Canada.
- Ghana produces about 100 metric tons of gold per year. Gold trade is very important to Ghana’s economy.
- Indonesia produces roughly 100 metric tons of gold per year. The world’s largest gold mine is located in Indonesia.
- Uzbekistan produces nearly 90 metrics tons of gold per year. Uzbekistan is said to have the largest open-pit gold mine in the world.
Top 10 Gold Consuming Countries
In much of the world, gold is seen as the only true storehouse of value and wealth. Depending on the country, gold investment may be in the form of jewellery, ornaments, coins, or raw gold bullion.
The List:
China consumes almost 984 metric tons of gold per year. Gold is used for industry, investing, and jewellery. In fact, some banks in China sells gold coins over-the-counter.
India consumes almost 849 metric tons of gold per year. Since the gold mining industry in India is minuscule, almost all of its consumption is imported. The major use of gold is for jewellery.
The United States consumes about 193 metric tons of gold per year. Consumption is mixed between industrial, investment, and jewellery use.
Germany consumes close to 124 metric tons of gold per year. A large amount of the gold consumed here is for industrial use.
Thailand consumes approximately 90 metric tons of gold per year. Gold jewellery in the form of gold chains and other gold ornaments are sold in shops throughout the country.
Saudi Arabia consumes around 85 metric tons of gold per year. Saudi Arabian gold jewellery is famous for its quality throughout Asia.
Turkey consumes nearly 72 metric tons of gold per year. Turkey is a major consumer of gold for jewellery purposes.
Iran consumes close to 71 metric tons of gold per year. Gold is used for jewellery manufacturing as well as investment purposes.
Vietnam imports approximately 63 metric tons of gold per year. Vietnam, like other Southeast Asian countries, uses gold for jewellery as well as value storage.
Indonesia consumes around 59 metric tons of gold per year. Much of the gold consumed in Indonesia is for ornamental and jewellery uses.
There are many factors that affect gold prices, and they include gold production and consumption patterns.
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