Which Country Produces & Consumes the Most Gold? List of the Top 10 Largest Gold-Producing and Gold-Consuming Countries in the World!

The world’s largest gold consumer: According to the World Gold Council (WGC), gold is one of the most studied nanomaterials and an irreplaceable asset in the world, with its long history being used as a symbol of currency form and wealth and status.

Although currency may lose value at some point, gold, on the other hand, always maintains its value and purchasing power.

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This is a popular choice for investors looking to protect their wealth from economic uncertainty. Therefore, many people believe that gold is a reliable and stable investment option.

But, do you know which country produces the most gold in the world? Furthermore, which country consumes the most gold every year? In this article, we will answer these questions and explore the world’s highest gold production and gold countries.

Which country is the largest gold producer in the world?

China is the world’s largest gold producer, producing about 375 tons per year, which has increased slightly in previous years due to continued investment in mining technology and efficiency.

• Country: China
• Mainland: Asia
• Major gold mines: Shaxi Copper Mine, Dexing Mine, Sanshandao Gold Mine, Jiaojia Gold Mine and Zaozigou Gold Mine
• Export Dependence: According to OEC.World, China’s gold exports were US$4.12 billion in February 2025, an increase of 112% from US$1.94 billion in January 2025.

List of the world’s 5 highest gold producers

According to the World Gold Council, this is a complete list of the world’s highest gold countries.

rank	nation	ton
1	China	378.2
2	Russian Federation	321.8
3	Australia	293.8
4	Canada	191.9
5	USA	166.7
6	Ghana	135.1
7	Indonesia	132.5
8	Peru	128.8
9	Mexico	126.6
10	Uzbekistan	119.6

#1. China

China is the world’s leading gold producer with an impressive output of 378.2 tons. This mass production emphasizes the country’s important role in the global gold market.

In addition to its domestic mining business, China is also a major consumer and importer of gold, driven by factors such as jewelry demand, investment and its central bank reserves.

The country has a great influence on gold prices and market trends, and its output levels have been closely watched by industry analysts around the world.

#2. Russian Federation

The Russian Federation ranks the second largest producer with a production of 321.8 tons.

The country’s gold mining sector has grown significantly in recent years, making it a key figure in the global supply of precious metals.

Russia’s major gold mining areas include Siberia and the Far East. Similar to China, Russia’s central bank is also an important holder of gold reserves, further emphasizing the importance of metals to the national economy.

#3. Australia

Australia secured its position as the third largest gold producer, generating 293.8 tons. The country has a mature and mature gold mining industry, with various states including Western Australia having substantial deposits.

Australian gold mines are known for their efficiency and technological advancements. Most gold produced in Australia is exported, making it an important supplier to the global market.

#4. Canada

Canada ranks fourth in gold production, with a production of 191.9 tons. The country’s diverse geological landscape supports gold mining operations in various provinces, including Ontario and Quebec.

Canada’s gold mining industry is characterized by its adoption of modern mining technologies and environmental regulations.

Although some of the gold produced is exported, it has also made great contributions to domestic industries including jewelry manufacturing and investment.

#5. USA

The top five gold countries in the United States have a production of 166.7 tons.

The United States has a long history of gold mining, producing massive production in states such as Nevada and Alaska. The country’s gold mining industry includes large open pit mines and underground operations.

Although the United States is an important gold producer, it is also a major consumer and importer of metals, driven by its strong jewelry market and investment demand. The U.S. government also holds a large amount of gold reserves.

Which country is the world’s largest gold consumer?

Similarly, China has the status of the world’s largest gold consumer. The eastern country consumed more than 600 metric tons of gold in one year. Furthermore, an interesting fact is that it imports the amount of gold it uses. However, judging from the latest data in 2024, India surpassed China and became the world’s largest gold jewelry consumer in 2024.

India’s jewelry consumption reached 563.4 tons in 2024, surpassing China’s 511.4 tons. Total gold demand in India increased by 5% year-on-year to 802.8 tons in 2024. Therefore, although China is the largest overall consumer in history, India has become the largest gold consumer in 2024.

List of the world’s 5 highest gold consumer countries

According to the World Gold Council, this is a complete list of the largest gold countries in the world.

rank	nation	Approximate annual gold consumption (metric system)
1	China	630.2
2	India	575.8
3	USA	136.9
4	Germany	42.2
5	Thailand	39.7
6	Saudi Arabia	39.7
7	turkey	38.1
8	Iran	27.3
9	Vietnam	26.7
10	Indonesia	25.1

#1. China

China’s desire for gold positioned it as the world’s leading consumer. Its annual consumption is estimated at 630.2 metric tons, driven by the convergence of factors.

Most of this has been introduced into industrial applications, leveraging the unique properties of gold in electronics and other fields.

Investment demand also plays a crucial role, and gold is a sheltered asset for individuals and institutions. In addition, the lasting cultural significance of gold in jewelry further expands its consumption.

#2. India

India’s strong gold consumption is about 575.8 tons per year, which is deeply rooted in cultural traditions and economic practices.

The vast majority of this demand stems from the long-lasting popularity of gold jewelry, an integral part of national social customs and celebrations.

In addition to decoration, gold is widely regarded as a store of value, providing financial security, especially in rural communities.

Unlike China, India has very little domestic gold mining, so it relies heavily on imports to meet its large consumer demand.

#3. USA

The United States shows a more diverse way of consumption of gold, reaching 136.9 metric tons per year.

Although jewelry remains an important part of this demand, the notable part is also targeted at industrial applications, leveraging the conductivity of gold and its resistance to corrosion.

In addition, funds traded through gold bars, coins and exchanges constitute a large amount of consumption of gold investment, reflecting its role as a hedge against economic uncertainty.

#4. Germany

Germany’s gold consumption is estimated at 42.2 tons per year, characterized by a great emphasis on industrial applications.

Gold’s excellent conductivity and inertia make it essential in a variety of high-tech industries, including electronics and medical devices. Despite the existence of jewelry consumption, it constitutes a smaller proportion compared to industrial uses.

Furthermore, Germany’s strong economy and strong savings culture have contributed to the investment demand for gold, although its dominance is less than its industrial use.

#5. Thailand

Thailand’s annual gold consumption is about 39.7 metric tons, mainly shaped by the lasting cultural significance of gold jewelry.

Gold ornaments, especially chains, are widely purchased and worn, representing decoration and an accessible form of wealth.

The prevalence of gold stores across the country, publicly showing the price of local “baht” weights, emphasizes the accessibility and cultural integration of gold. Despite industrial and investment use, they are a strong demand for tangible gold jewelry.

Source: https://dinhtienhoang.edu.vn
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