Gold mining is among the many global industries with operations on every continent, excluding Antarctica. Gold is an element that is extracted from mines of different types and scales. Gold mining has been increasingly diverse, far from having a concentrated supply like it did around four decades ago when the majority of the gold in the world was produced by South Africa.
Today, more and more people are getting interested in investing in gold. However, there are also some who argue that it has no inherent value and that it is an artifact that no longer contains the monetary qualities of the past. But there are still a lot of people in the world that believe in the value that gold holds. With this, have you ever wondered about the numbers and statistics behind the gold industry? If you want to learn more about this, check out the following graphs.
The Global Gold Demand Share by Sector 2021
In 2021, the jewelry industry reported a 55.4% share of global gold demand. This percentage is equivalent to about 2,229 metric tons of gold, making jewelry the biggest gold-demanding industry in the world in recent years. But in addition to the jewelry industry, gold is also used in other businesses. Included in it is the manufacturing of televisions and cellphones as gold is a very efficient conductor. In fact, in 2021, 8.2% of global gold demand was from the technology industry. In the same year, 11.33% of gold belonged to central banks, while 25.02% came from investments.
Worldwide Gold Mine Production (2010 – 2021)
Gold mine production worldwide has increased by over 3,000 metric tons yearly since 2015. There were 2,560 metric tons of gold that were produced in 2010. Over the course of the decade, in 2018 and 2019, gold production rose to a peak of 3,300 metric tons. The global gold mine production in 2021 amounted to 3,000 metric tons.
Distribution of Gold Reserves Worldwide by Country (2019)
In 2019, the country with the largest gold reserves in the world was Australia, having 20% of the total gold reserves worldwide. Global reserves of gold in the same year were estimated to be around 50,000 metric tons. Next to Australia is Russia with 10.60% share of gold reserves, followed by South Africa with 6.60%, the United States with 6%, Indonesia with 5.20%, Brazil with 4.80%, Peru with 4.20%, China with 4%, and Canada with 3.80% share of gold reserves.
Average Prices for Gold Globally (2014 – 2025)
This graph shows the annual process of gold from 2014 to 2021 and the projected prices from 2022 to 2025. In 2021, the average price of gold remained at 1,795 nominal U.S. dollars per troy ounce, which was high compared to the average of 1,392 nominal U.S. dollars per troy ounce back in 2019. However, it is forecasted that the annual average price of gold will go down to 1,708 nominal U.S. dollars per troy ounce in 2025.
How Much Gold Has Been Found in the World?
From the beginning that the gold was discovered until 2021, there have been around 244,000 metric tons of gold found. In that amount of gold, 187,000 metric tons were produced historically, while 57,000 metric tons remain unmined from current underground reserves. This amount of gold mainly came from just three countries such as South Africa, China, and Australia.
The Largest Producers of Gold By Country (2021)
In 2021, the top producer of gold in the world was China, which mined 370 MT of gold. In fact, it has been the number one producer of gold for over a decade. It is followed by Australia with 330 MT, Russia with 300 MT, the United States with 180 MT, Canada with 170 MT, and Ghana with 130 MT of gold. Tied on the seventh spot are Mexico, South Africa, and Uzbekistan, with an average of 100 MT of gold. On the eighth spot are Indonesia, Peru, and Sudan, with 90 MT of gold produced in 2021.
The Top Largest Mining Companies in the World (2020)
There are many gold mining companies in the world, but only a few are in the top positions. The largest gold mining company in the world in 2020 was Newmont in Colorado, which produced 5.8 million ounces of gold back in 2020. It was followed by Barrick Gold in Toronto, Canada, which produced 4.8 million ounces of gold in 2020. Next to it was AngloGold Ashanti from South Africa, which produced more than 3 million ounces of gold in 2020. On the fourth spot was Polyus, which is the largest gold mining company in Russia. It was able to produce under 2.8 million ounces of gold in 2020. On the fifth spot is Kinross Gold, which is also a company from Toronto, Canada. In 2020, it produced under 2.4 million ounces of gold.