China has surpassed Russia to become the world's top gold producer, reflecting the country's robust demand for the yellow metal. The Chinese government is steadily building up its gold reserves. In 2023, China cemented its position as the leading gold producer globally. This year, the country has further extended its lead, solidifying its status as the largest gold mining nation in the world.

According to the World Gold Council, global gold production reached 3,646 metric tons, marking an increase of 0.9%. In 2022, the figure was 3,612 metric tons.

Currency strategists at Bank of America attribute this rise to increased mining activity in South Africa (up 11.7 metric tons), Colombia (up 10 metric tons), and Uzbekistan (up 8.8 metric tons). However, this increase is offset by substantial declines in gold production in Australia (down 12.5 metric tons), Russia (down 8.3 metric tons), and Sudan (down 7.6 metric tons).

In 2023, China's gold production amounted to 378 metric tons, up 0.9% from 375 metric tons in 2022. This allowed the country to become the world's leading gold producer, surpassing Russia (322 metric tons).

Some Asian countries are now striving to catch up with China in this regard. Currently, South Africa is trying to regain its top position in the industry. In 2023, the country increased its gold production by 12.6% compared to 2022. However, its efforts have yet to bear fruit. Note that in 1993, South Africa was the dominant gold producer in the world, accounting for 27% of the total global production volume. Today, this Asian country's share is just around 3%.