A report from the United States Geological Survey reveals that over 3,000 tonnes of gold was produced in 2023.
According to the U.S. Geological Survey’s Mineral Commodity Summaries from January 2024, China, Australia, and Russia emerged as the leading gold producers in 2023.
China led the production with 370 tonnes, representing over 12 per cent of the total global production. Australia and Russia followed closely, with each producing 310 tonnes.
The report also ranked Canada as the fourth top producer with 200 tonnes, followed by the United States at 170 tonnes, and Kazakhstan at 130 tonnes, placing them fifth and sixth, respectively, in global gold production.
The report emphasized that global gold consumption, excluding exchange-traded funds and similar investments, was primarily in jewellery (46 per cent), followed by central banks and other institutions (23 per cent), physical bars (16 per cent), official coins and medals including imitation coins (nine per cent), electrical and electronics (five per cent), and other uses (one per cent).
The report noted that during the first nine months of 2023, global consumption of gold in physical bars decreased by five per cent, while jewellery consumption remained relatively stable. Consumption in electronics declined by 11%, while other industrial applications remained stable. However, 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, representing a larger decrease compared to the 20-tonne decrease seen in the first nine months of 2022.
The World Gold Council reported that total global gold consumption during the first nine months of 2023 decreased by three per cent compared to the same period in 2022.
