Gold has always been one of the world’s most precious and coveted metals. Rarity is the primary reason for its value. Estimates on global mine reserves of gold fluctuate slightly from year to year, but are not much higher than 50,000 metric tons. The countries with the largest estimated reserves are Australia, Russia, and South Africa. Approximately 3,000 metric tons of gold was produced worldwide in 2021. Currently, China is the world’s leading gold mining country, followed by Australia and Russia.
The world's top gold miners
Among gold mining companies, Newmont from the U.S. is the global leader, with a production output of nearly six million ounces in 2021. Newmont's revenue amounted to 12.2 billion U.S. dollars in 2021. Barrick Gold from Canada and Polyus from Russia are the world's next largest gold producers, respectively. M&A activity in the gold mining sector is vibrant. In April 2019, for example, Newmont and Goldcorp completed a merger which rendered the newly formed Newmont the largest gold mining company in the world. There were a total of 50 global gold mining industry merger and acquisition deals in 2020.
The United States' global position within the gold industry has prevailed long after the California Gold Rush
As the third-largest global gold producing country, the United States produced about 180 metric tons in 2021. Nevada is by far the U.S. state with the highest gold production volume. Seven out of the top ten U.S. gold mines are located in Nevada. The United States reported that its gold consumption came to some 250 metric tons in 2021. The country also has the largest gold holdings of any country worldwide by far: as of March 2022, approximately 8,134 metric tons of gold was held by the United States.
Gold industry dynamics and the impact of COVID-19
Over the last decade, global demand for gold has remained stable, sitting at 4,021 metric tons in 2021. As a result of the COVID-19 pandemic, however, several aspects of the gold industry were noticeably impacted. Gold demand, as one example, decreased to 3,760 metric tons in 2020, which was the lowest demand volume since 2009. This has also influenced the global price of gold. Due to a variety of factors, including interruptions in gold mining operations as a result of the pandemic, gold reached a record-high annual average price of almost 1,770 U.S. dollars per troy ounce in 2020. 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.
Research lead covering energy, chemicals & resources