China remains the world's largest gold producer

Gold production remains concentrated among a small group of mining powers, led by China, Russia and Australia, according to visualcapitalist.com, which presents the ranking of the world's largest gold-producing countries in 2024, based on estimated data from the World Gold Council.

The cited source emphasizes Africa's growing role in gold production. Together, African countries now account for almost a quarter of global gold production, with Ghana, Mali and South Africa among the continent's main producers.

• China - gold production of 380.2 tons in 2024

China was the world leader with gold production of 380.2 tons in 2024, representing over 10% of the global total.

The country has held the top spot for over a decade thanks to its extensive domestic mining operations and massive government support for resource development.

China is not only the world's largest gold producer, but also one of the world's largest consumers. This combination gives the Asian country a significant role in global gold markets, from mining and refining to jewelry demand and central bank reserves.

Russia remained the second-largest producer in the field, with 330 tonnes in 2024, despite ongoing sanctions on the country and geopolitical tensions. Australia, with 284 tonnes, continued to benefit from its vast mineral reserves and mature mining sector.

• Africa Becomes a Global Power

Africa has become one of the world's leading gold producing regions, accounting for almost a quarter of global gold supply in 2024. Ghana ranked first in Africa's gold production in 2024, with 140.6 tonnes of gold, followed by Mali (100 tonnes) and South Africa (98.9 tonnes).

Many smaller African economies also rely heavily on gold exports to support government revenues and foreign exchange reserves.

Countries such as Burkina Faso, Sudan, Tanzania and Ivory Coast have rapidly expanded their gold production over the past decade as mining investment has grown across the continent.

At the same time, political instability and security risks continue to challenge operations in several gold-producing regions. Despite these obstacles, Africa remains one of the most important growth markets for global mining companies, according to the cited source.

• Americas remain a key supplier

The Americas remain a critical pillar of global gold supply, with major production in Canada (202.1 tonnes), the United States (158 tonnes), Mexico (140.3 tonnes) and several countries in South America. Canada was the fourth-largest gold producer globally in 2024 and the leading producer in the Americas.

Countries in Latin America, including Peru, Brazil, Colombia and Argentina, also contributed significantly to global production.

• Goldman Sachs expects an increase in gold purchases by central banks

Central banks are expected to step up their gold purchases, which will contribute to the recovery of prices in the market by the end of the year, according to a report by the American investment bank Goldman Sachs Group Inc., Bloomberg reports, according to Agerpres.

Lina Thomas and Daan Struyven, Goldman Sachs analysts, estimate that central banks' gold purchases will increase to an average of 60 tons per month in 2026. This, given that, according to revised data, the moving average of purchases was 50 tons in March, compared to the figure of 29 tons previously advanced.

For central banks, there is "strong fundamental interest in gold, and recent geopolitical developments will likely strengthen diversification," Goldman Sachs analysts said, citing an internal survey.

Gold prices have struggled since the outbreak of the Middle East war as rising energy prices have added to global inflationary pressures, making central banks less willing to ease monetary policy. With no end in sight to the conflict in Iran, global bond markets have seen a sharp sell-off in recent days, putting pressure on the price of gold, an asset that has been a poor performer for investors.

The Goldman Sachs analysts' report on central bank gold purchases follows another upbeat report published by the World Gold Council, which put first-quarter gold purchases at 244 tonnes, up from 208 tonnes in the final quarter of last year.

Spot gold was trading at nearly $4,530 an ounce yesterday, compared with a record low of just under $5,600 reached in late January. Goldman Sachs maintains its forecast that prices will reach $5,400 an ounce by the end of this year.