Global Gold Mining: Data, Trends and Insights
by: René Muschter
Gold has always been one of the world’s most precious and coveted metals, and the primary reason for its value is its rarity. Estimates on the global mine reserves of gold fluctuated slightly from year to year during the past decade, and in 2024 increased to 64,000 metric tons. The countries with the largest estimated reserves are Australia, Russia, and South Africa. Approximately 3,300 metric tons of gold was produced from mines worldwide in 2024. Currently, China is the world’s leading gold mining country, followed by Russia and Australia.
The world's top gold miners
Among gold mining companies, Newmont from the U.S. is the global leader, with a production output of 1.9 million ounces in the first half of 2024. Newmont's revenue amounted to 18.6 billion U.S. dollars in 2024. Barrick Gold and Agnico Eagle, both from Canada, were the world's next largest gold producers, respectively at that time. M&A activity in the gold mining sector is vibrant. In 2023, for example, Newmont acquired Newcrest Mining for 16.8 billion U.S. dollars.
The United States' global position within the gold industry has prevailed long after the California Gold Rush
As the fifth-largest global gold producing country, the United States produced an estimated160 metric tons in 2024. Nevada is by far the U.S. state with the highest gold production volume, with seven out of the top ten U.S. gold mines located in the state. The United States reported that its gold consumption came to 200 metric tons in 2024. The country also has the largest gold holdings of any country worldwide by far: as of 2024, approximately 8,134 metric tons of gold was held by the United States. Gold industry dynamics
Over the last decade, global demand for gold has remained stable, sitting at 4,606 metric tons in 2024. As a result of the COVID-19 pandemic, however, several aspects of the gold industry were noticeably impacted, with gold demand having decreased to 3,760 metric tons in 2020, the lowest demand volume since 2009. This also influenced the global price of gold. Gold reached a record-high annual average price of nearly 2,388 U.S. dollars per troy ounce in 2024. To put that figure into context, the price stood at 271 U.S. dollars per troy ounce in 2001. This makes it clear that gold is still one of the world’s most coveted commodities and one of the most rewarding investments.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Source: Statista
Published by: René Muschter
