China, Australia, and Russia were the top gold producers in 2023, according to the U.S. Geological Survey, Mineral Commodity Summaries, January 2024. 

China led the production with 370 tonnes, accounting for over 12 percent of the total global production, followed closely by Australia and Russia, each producing 310 tonnes.

The report also ranked Canada at 200 tonnes, the United States at 170 tonnes, and Kazakhstan at 130 tonnes as the fourth, fifth, and sixth top producers, respectively.

 

Mexico produced 120 tonnes, Indonesia 110 tonnes, South Africa 100 tonnes, and Uzbekistan also produced 100 tonnes, rounding up the top 10 producers list.

Ghana was placed 11th in the USGS data, producing 90 tonnes of gold in 2023, which is an increase from the 88 tonnes produced in 2022.

Usage of gold

The report highlighted that global gold consumption, excluding exchange-traded funds and similar investments, was primarily in jewelry (46 percent), central banks and other institutions (23 percent), physical bars (16 percent), official coins and medals including imitation coins (nine percent), electrical and electronics (five percent), and other uses ( one percent).

It said during the first nine months of 2023, global consumption of gold in physical bars decreased by five percent, while jewelry consumption remained relatively stable. Consumption in electronics decreased by 11%, other industrial applications remained stable, and coins and medals saw an increase of 6% compared to the same period in 2022. Central banks increased their gold holdings by 14% during the first nine months of 2023. However, investments in gold-based exchange-traded funds and similar investments decreased by 189 tonnes, a larger decrease compared to the 20-tonnes decrease seen in the first 9 months of 2022.

The World Gold Council reported that total global gold consumption during the first nine months of 2023 decreased by three percent compared to the same period in 2022.