Gold is one of the world’s most valuable commodities, prized for its beauty, enduring value, and ability to hedge against inflation. But where does all that gold actually come from?
In this article, we look at the world’s top 10 gold mining countries, the costs involved with producing gold, which countries have the largest in-ground and central bank gold reserves, and the environmental and social impact of gold mining.Top gold producing countries
1. China - 380 MT
In 2026, China topped global gold production with an output of 380 metric tons (MT). While China gold production has declined from its peak at 455 MT in 2016, the country has consistently produced over 300 MT each year for more than a decade.
China’s gold mining industry is dominated by state-owned companies. Major producers include:
- Zijin Mining Group: Operates the Shanxi mine, which produced 125,000 ounces of gold in 2023 and is the largest gold mine in the Shanxi province.
- China Gold International Resources: Owns a 96.5% stake in one of China’s largest gold mines, the Chang Shan Hao mine in Inner Mongolia. It’s estimated to have produced between 106,907 and 112,528 ounces of gold in 2024.
China also has major gold refining operations and was one of the largest consumers of gold in 2024. According to the World Gold Council, Chinese consumers purchased 857.1 MT of gold in 2024, while the central bank added 44 MT to its reserves, bringing official holdings to 2,280 MT.
2. Russia - 310 MT
In 2026, Russia maintained its position as the second-large gold producer and had the exact same output as the previous year at 310 MT. The country is home to the world’s second largest gold reserves after Australia, estimated at around 12,000 MT.
In the last couple of years, Russia has faced export limitations due to geopolitical tensions and sanctions following the invasion of Ukraine. For that reason, Russian producers are seeking out alternative markets in BRICS nations and countries like Kazakhstan.
Polyus is the largest producer of gold in Russia and one of the top 10 in the world by output. In 2023, their flagship Olimpiada mine in Siberia produced 1.5 million ounces in 2023.
3. Australia - 290 MT
Australia comes in third with gold production of 290 MT in 2026, down slightly from 296 MT in 2023. The country is one of the world’s top producers of gold and home to the largest in-ground reserves.
Some of the largest Australian mining operations include:
- Newmont Corporation’s Boddington and Cadia Valley mines, which produced 745,000 and 597,000 ounces respectively in 2023
- Tropicana, a joint venture between Anglogold Ashanti and Regis Resources, which produced 437,000 ounces in 2023
4. Canada - 200 MT
Canada’s gold production comes in at 200 MT, a slight increase of last year’s output of 198 MT. The country is home to numerous major mining operations, including:
- Canadian Malartic Complex: One of the largest mines in the world, located in Québec and owned by Agnico Eagle Mines. Canadian Malartic Complex produced 689,000 ounces of gold in 2023 and has about 7.92 million ounces in reserves.
- Detour Lake: Another Agnico Eagle Mines gold mine, Detour Lake is located in Ontario and produced 677,000 ounces of gold in 2023.
70% of Canada's gold production happens in Ontario and Québec, and gold is stated to be the most valuable mined commodity in the country with domestic exports reaching C$34.1 billion in 2023.
5. United States - 170 MT
In 2024, the United States produced 160 MT of gold, a slight decrease from its 170 MT production in the previous year. The country’s gold production levels have been in steady decline since 2017, when its output sat at 237 MT.
Most of the gold produced in the U.S. comes from Nevada (70%) and Alaska (16%). It’s estimated that the country has 3,000 MT in reserves and about 33,000 MT in identified and undiscovered resources, about a quarter of which is located in copper porphyry deposits.
The U.S.’s largest gold mining assets include Turquoise Ridge, the Cortez Complex, and the Carlin Complex, all of which are owned by Nevada Gold Mines, a joint venture between Newmont and Barrick Gold. In 2023, those three mines produced 2.92 million ounces of gold.
6. Ghana - 150 MT
Ghana continues to be the largest gold producer in Africa, with production increasing in the last ten years from 88 MT in 2015 to 130 MT in 2024. Gold has become an important resource for the country, with gold exports accounting for over 60% of the country’s total exports and adding $580 million to its GDP.
Two of the biggest gold mining operations in Ghana are the Newmont-owned Ahafo South mine, which produced 581,000 ounces of gold in 2023, and the Gold Fields-owned Tarkwa mine, which produced 551,000.
7. Mexico - 140 MT
Mexico is tied with Kazakhstan with an output of 130 MT, a slight increase from 127 MT in 2023. Gold is a major part of the country’s mining economy, and precious metals account for half of total metal output.
Most of Mexico’s gold mines are controlled by foreign companies. However, one of the largest mines, Herradura, is operated by the Mexican company Fresnillo. In 2024, Herradura produced 360,598 ounces of gold, accounting for more than half of Fresnillo’s total gold output.
8. Kazakhstan - 130 MT
Kazakhstan’s gold production has nearly doubled in the last decade, going from 69 MT in 2016 to 130 MT in 2024. The country’s biggest producer is Glencore, which operates the Altyntau Kokshetau mine and outputted 603,000 ounces of gold across Kazakhstan in 2024.
Another major producer is the Anglo-Russian company Solidcore Resources (formerly Polymetal International), which reported 320,000 ounces of gold produced in 2024. Its flagship Kyzyl mine holds 2.2 million ounces of gold in reserves.
9. Uzbekistan - 120 MT
Uzbekistan’s gold production went up from 100 MT in 2023 to 120 MT in 2024. The country is home to the Muuruntau mine, which is one of the largest gold-producing operations in the world. It’s operated by Navoi Mining and Metallurgical Company and produces more than 2.5 million ounces each year. The mine is also home to some of the world’s largest gold reserves, with about 4,500 MT.
10. Peru - 110 MT
Peru is one of the world's leading gold-producing countries, with output remaining steady at 110 metric tons in 2025. Key producers include Newmont's Yanacocha mine, which produced 515,000 ounces, and Pan American Silver's Shahuindo mine, which produced 132,000 ounces. Despite ongoing government efforts to curb illegal mining, unofficial operations are estimated to account for about half of Peru's gold production, contributing to significant environmental damage in the Amazon through mercury contamination of soil and water.
Gold production over the past 25 years
Gold production has changed a lot in the last 25 years. In the 1990s, South Africa was the world’s largest gold producer by a long way. Since then, the country’s output has fallen by more than 80%, while countries like China, Russia, and Australia have taken the top spots.
If we go back even further, the gold production landscape looked entirely different. In 1970, for example, 79% of the world’s gold came from South Africa and it was still one of the top producers until 1993. Today, South Africa isn’t on the Top 10 and China has more than tripled its production to become the world’s top gold producer, a position it has held since 2007.
There’s also no single country that accounts for more than 10% of global output, which suggests that the global supply is more balanced and diversified than it was back in 1970. Over the last two decades, we’ve also seen West Africa rise as a top gold-producing region, with countries like Ghana, Burkina Faso, and Mali expanding mining operations with support from foreign investment.
Gold production costs
The costs of producing gold are influenced by several factors, including the quality of the ore, depth of the deposit, labor and energy expenses, and local environmental regulations. For example, it might cost more to extract gold in politically unstable regions or deeper mines.
The All-In Sustaining Cost (AISC) measures the total cost to produce an ounce of gold, including all associated costs, such as operating expenses, capital expenditures, exploration, and more. In Q3 2024, global weighted-average ASIC reached a record high of $1,456 per ounce, although the exact amount varies depending on the mine.
So, what does this mean for gold prices?
Of course, the costs of gold production can influence gold prices, although other factors play a role too (e.g. investor sentiment or central bank buying). If the cost of mining gold significantly increases, producers may demand higher prices to remain profitable. That said, newly mined gold only adds about 2% to 3% to the above-ground stock each year, so the impact of gold production costs tends to be more subtle than it is with other commodities (like oil or natural gas).
Gold reserves and resources
In-ground reserves of gold
In-ground gold reserves are gold deposits that have been discovered but are yet to be mined. As of 2025, the U.S. Geological Survey estimates that global in-ground gold reserves total around 54,000 metric tons.
The countries with the largest known in-ground gold reserves are:
- Australia: 12,000 MT
- Russia: 12,000 MT
- South Africa; 5,000 MT
- United States: 3,000 MT
- Peru/Indonesia: 2,600 MT
Largest gold reserves by country
Central banks around the world hold reserves of gold to stabilize their economies and hedge against inflation or currency risk. As of 2025, the countries with the largest gold reserves were:
- United States: 8,133.5 T
- Germany: 3,351.6 T
- Italy: 2,451.9 T
- France: 2,437.0 T
- Russia: 2,333.1 T
- China: 2,279.6 T
- Switzerland: 1,039.9 T
- India: 876.2 T
- Japan: 846.0 T
- Netherlands: 612.5 T
Environmental and social impact of gold production
Environmental impact
Gold mining is a resource-intensive industry that has a significant environmental footprint. Some of the major environmental issues associated with gold mining include:
- Toxic waste: Toxic waste can leak byproducts like arsenic or mercury into waterways through poor storage or infrastructure failures.
- Acid mine drainage (AMD): This a harmful runoff caused when sulfide minerals in exposed rock react with air and water. AMD can linger for decades after mining ends and can be especially harmful to aquatic life.
- Heap leaching: This method uses cyanide to extract gold from ore, and it can produce large amounts of waste. Up to 99.99% of the material treated in heap leaching becomes unusable waste.
In an effort to reduce environmental harm, the World Gold Council launched the Responsible Gold Mining Principles (RGMPs) in 2019. These include improved waste management, stricter water usage policies, biodiversity protection plans, and efforts to rehabilitate land after mining ends.
Social impact
Gold mining also has an impact on local communities, especially in developing nations where mines create jobs and attract foreign investment. According to the World Gold Council, member companies employed 95% local workers at their operations in 2023 and paid more than £6.5 billion in wages and £5.7 billion in taxes to governments.
However, there are certain regions where gold mining has led to dangerous working conditions and illegal operations that fall outside labor laws or safety standards. In July 2024, for example, a landslide struck an illegal goldmine in Sulawesi, Indonesia, killing at least 58 people. The disaster was perhaps made worse due to the unsafe working conditions and lack of formal oversight.
To address these issues, industry leaders are focusing on managing their impact and better contributing to communities. The RGMPs outline expectations for this, including ethics, human rights, safety and health, and community consultation.
