With gold costs surging to new all-time highs at the beginning of 2026, the highest gold-producing international locations are set to learn considerably from a runaway bull market.
After surging greater than 80 % since January 2025, the market’s momentum peaked on January 28, when gold reached an all-time excessive of US$5,589.38.
The underlying developments driving gold in 2025 stay in 2026, together with important curiosity from central banks, falling rates of interest and geopolitical uncertainty pushed by the continued conflict between Russia and Ukraine and recent hostilities within the Center East between the US and Iran.
Moreover, since US President Donald Trump took workplace, his aggressive commerce techniques have despatched ripples by the worldwide economic system, prompting traders to hunt safe-haven belongings akin to gold.
As uncertainty grips the markets, rising gold costs will profit gold producers and the international locations they function in. So, which international locations produce essentially the most gold?
Right here, the Investing Information Community outlines the highest gold producers by nation in 2025 utilizing the newest manufacturing numbers from the US Geological Survey’s 2026 Mineral Commodity Abstract.
International gold manufacturing totaled 3,300 metric tons in 2025, up 20 metric tons from 2024, in keeping with the USGS.
Whereas gold is commonly measured and mentioned in troy ounces, the USGS makes use of metric tons for its gold knowledge, so this text will comprise a mixture of the 2 measurements. For perspective, 1 metric ton of gold is the same as 32,151 troy ounces and price US$145 million at a value of US$4,500 per gold ounce.
1. China
Gold manufacturing: 380 metric tons
China was the world’s high gold-mining nation in 2025 with output of 380 metric tons.
Whereas China’s gold output peaked at 455 metric tons in 2016, it hasn’t dipped under 300 metric tons in additional than a decade. This constant manufacturing continues to make sure China’s standing because the world’s high gold producer, a title it first claimed in 2007.
China’s gold-mining trade is dominated by state-owned operators, though a number of are partially publicly traded. One of many nation’s largest mining corporations is Zijin Mining Group (HKEX:2899,SHA:601899,OTCPL:ZIJMF), whose portfolio consists of an 84.2 % stake within the Longnan mine within the Gansu Province. Based on its 2025 outcomes, the mine produced 238,170 ounces of gold, with 200,590 attributable to Zijin.
One other important mining firm is China Gold Worldwide Sources (TSX:CGG,OTCPL:JINFF), which owns a 96.5 % stake within the Chang Shan Hao gold mine positioned in Inside Mongolia. Certainly one of China’s largest gold mines, it produced 96,816 ounces of gold in 2025.
China additionally hosts main gold-smelting operations. Its Belt and Highway Initiative has resulted in Chinese language corporations exploring and growing websites elsewhere in Asia and Africa, subsequently sending uncooked assets again to China for refinement.
The nation is among the largest customers of gold on the earth, though its gold consumption pulled again barely to 950.1 metric tons final yr on reducing jewellery demand, in keeping with a report from Reuters.
In the meantime, China’s central financial institution was among the many largest consumers of the valuable steel in 2025, including 27 metric tons of gold to its coffers throughout the yr to convey its official gold holdings to 2,306 metric tons.
2. Russia
Gold manufacturing: 310 metric tons
Gold manufacturing from Russia got here in at 310 metric tons in 2025, the identical because the prior yr. The nation’s output has risen pretty considerably since 2017, when it produced solely 255 metric tons of gold.
The US Geological Survey states that Russian gold reserves stand at 12,000 metric tons, making it the second-largest nation for reserves after Australia.
Russia has a number of massive gold mines, however none are extra prolific than Polyus’ (MCX:PLZL) Olimpiada mine within the Ksasnoyarsk Krai area of Siberia. Based on the corporate’s most up-to-date knowledge, the mine produced 926,000 ounces of gold in 2025.
Regardless of excessive manufacturing and reserves, Russian’s invasion of Ukraine in 2022 led the London Bullion Market Affiliation to halt buying and selling and take away Russian refiners from its accredited record world markets because the nation invaded Ukraine in February 2022. In response, Russian operators have sought out various markets, significantly the BRICS nations and different Asian international locations like Kazakhstan.
Whereas Russian gold has confronted challenges reaching western markets, studies point out that in Q1 2026 the nation offered 21.8 metric tons of gold to its companions to assist fight a widening deficit because the conflict with Ukraine entered its fifth yr. On the similar time, the federal government additionally banned people and personal entities from exporting over 100 grams in gold bullion in an try to forestall capital flight from the nation.
3. Australia
Gold manufacturing: 280 metric tons
Australian gold manufacturing barely decreased in 2025 to 280 metric tons, down from 284 metric tons the earlier yr.
By way of financial affect, gold is one among Australia’s most vital assets. In December 2025, the nation predicted that gold would overtake pure gasoline to turn into its second Most worthy commodity within the 2025/2026 monetary yr, forecasting AU$69 billion in gold exports, as a consequence of rising costs and better volumes.
Based on authorities knowledge, Western Australia accounts for almost all of all gold mined within the nation and is dwelling to a number of massive gold mines, together with Newmont’s (ASX:NEM,NYSE:NEM) Boddington operation, which produced 565,000 ounces of gold in 2025. It additionally hosts the Tropicana mine, a three way partnership between AngloGold Ashanti (NYSE:AU) and Regis Sources (ASX:RRL,OTCPL:RGRNF) that produced 436,000 ounces of gold final yr.
The second largest gold-producing state in Australia is New South Wales. It is dwelling to a number of important operations, together with Newmont’s Cadia Valley mine, which produced 385,000 ounces in 2025, and Evolution Mining’s (ASX:EVN,OTCPL:CAHPF) Cowal mine, which produced 330,008 ounces within the firm’s 2025 fiscal yr.
Not solely is Australia one of many high gold producers, it additionally holds the world’s largest gold reserves, with an estimated 13,000 metric tons. These reserves will make sure the nation stays within the high 10 for years to return.
4. Canada
Gold manufacturing: 200 metric tons
In 2025, gold manufacturing in Canada totaled 200 metric tons, the identical output it recorded in 2024.
Ontario and Québec are the most important gold-producing provinces within the nation; collectively, they symbolize almost 70 % of Canada’s gold output, adopted by British Columbia and the Yukon.
The Canadian authorities states that gold is the nation’s Most worthy mined commodity, with home gold exports surging 33 % in 2024 to achieve a document of C$40.2 billion because of excessive gold costs and central financial institution demand.
Canada has quite a lot of very massive gold mines, the most important of which is Detour Lake in Ontario, adopted carefully by the Canadian Malartic Advanced in Québec. The mines, each owned by Agnico Eagle Mines (TSX:AEM,NYSE:AEM), produced 692,675 and 642,612 ounces of gold in 2025 respectively.
British Columbia’s north is dwelling to the Golden Triangle, a resource-rich space that hosts a number of important operations, such because the Newmont-owned Brucejack mine, which produced 231,000 ounces in 2025. Outdoors of the Golden Triangle is the newly opened Blackwater mine owned by Artemis Gold (TSXV:ARTG,OTCQX:ARGTF). Presently within the ramp-up stage, Blackwater produced 192,808 ounces of gold final yr and is predicted to ship 265,000 to 290,000 ounces in 2026.
5. United States
Gold manufacturing: 160 metric tons
The US produced 160 metric tons of gold in 2025, a drop from 163 metric tons produced in 2024. This continues a development of manufacturing declines that began in 2017, when the US produced 237 metric tons of gold.
Based on the US Geological Survey, the highest state for manufacturing of the yellow steel was Nevada, which accounted for 64 % of complete home manufacturing, adopted by Alaska with 22 %. The highest 25 operations within the nation had been liable for 94 % of American gold output in 2025.
Gold reserves within the US are estimated at 3,000 metric tons.
The most important gold-mining belongings within the US are all owned by Nevada Gold Mines, a three way partnership between Barrick Gold (TSX:ABX,NYSE:GOLD) and Newmont, and include Turquoise Ridge, the Cortez Advanced and the Carlin Advanced. Between them, the mines produced 2.59 million ounces of gold in 2025.
6. Ghana
Gold manufacturing: 150 metric tons
West Africa has a wealthy historical past of gold manufacturing relationship again lots of of years. Ghana’s gold manufacturing totaled 150 metric tons in 2025, persevering with an upward development over the previous couple of years. Essentially the most substantial beneficial properties in its gold output throughout that point got here between 2022 and 2023, when it leaped from 88 to 126 metric tons.
Gold has turn into an vital financial driver for the nation, and its Most worthy export. In 2025, Ghana’s gold exports reached a document US$20 billion in comparison with US$10.1 billion the prior yr. Its export worth far exceeded that of cocoa and oil, which totaled US$3.8 billion and US$2.6 billion in 2025 respectively.
The nation is dwelling to a number of extremely productive gold mines, together with the Ahafo South mine, which produced 734,000 ounces of gold in 2025 below Newmont, and the Tarkwa mine, cut up 90/10 between Gold Fields (NYSE:GFI)
and the Ghanaian authorities, with 427,000 ounces.
7. Mexico
Gold Manufacturing: 140 metric tons
Mexico’s gold manufacturing in 2025 got here in at 140 metric tons, matching output from the earlier yr.
Mexico has an extended historical past of gold mining; in reality, the Spanish colonization of Central America within the early and mid-1500s was largely concentrating on gold and silver. At the moment, Mexico is among the many international leaders in gold manufacturing. Treasured metals account for almost 50 % of the nation’s complete steel output.
Whereas a lot of Mexico’s gold mining is managed by international entities, one of many largest operations, the Herradura mine, is owned by Mexico Metropolis primarily based Fresnillo (LSE:FRES,OTCPK:FNLPF). Herradura produced 356,097 ounces of gold in 2025, greater than half of Fresnillo’s complete gold manufacturing.
8. Kazakhstan
Gold manufacturing: 130 metric tons
Kazakhstan’s gold output was 130 metric tons in 2025, remaining secure over the previous couple of years following a interval of progress within the nation’s gold manufacturing from simply 69 metric tons in 2016.
Kazakhstan’s largest gold-mining operation is the Altyntau Kokshetau mine. Whereas the mine is owned by Kazakhstan-based Kazzinc, mining large Glencore (LSE:GLEN,OTC Pink:GLCNF) holds a 69.7 % possession stake within the firm.
In its 2025 manufacturing report, Glencore said that it produced 543,000 ounces of gold throughout all its Kazakhstan belongings, nearly all of which got here from the Altyntau Kokshetau mine.
SolidCore Sources (AIX:CORE) is one among Kazakhstan’s largest producers, with a number of mines within the nation. Its largest asset is the Kyzyl mine, which hosts reserves 2.4 million ounces. In its fiscal yr 2025 monetary outcomes, the corporate reported gold equal manufacturing of 395,000 ounces from its belongings, shy of the 420,000 ounces it anticipated at the beginning of the yr.
SolidCore beforehand operated in Russia as nicely, however the firm was delisted from the LSE and its belongings, sanctioned, as a consequence of Russia’s invasion of Ukraine. It has since divested its Russian operations and targeted solely on Kazakhstan, redomiciling within the nation in 2023.
9. Uzbekistan
Gold Manufacturing: 129 metric tons
Uzbekistan produced 130 metric tons of gold in 2025, almost on par with the 129 metric tons it produced in 2024.
Operated by Navoi Mining and Metallurgical Firm, Uzbekistan’s Muruntau gold mine is among the largest gold operations on the earth. Large deposits of gold had been first found on the website within the Fifties, and it nonetheless holds among the largest reserves on the earth at 4,500 metric tons. The invention marked the start of gold mining in Uzbekistan. The mine produces greater than 2.5 million ounces of gold per yr and is predicted to proceed working into the 2030s.
Following the autumn of the Soviet Union in 1991, gold mining in Uzbekistan fell to all-time lows within the mid-Nineties. In 2019, the nation’s authorities introduced renewed funding into improvement and exploration. Whereas that hasn’t but been mirrored in its annual manufacturing, upgrades at Muruntau scheduled to be accomplished in 2026 are anticipated to extend its output from 38.5 million to 50 million metric tons of ore per yr.
10. Peru
Gold manufacturing: 110 metric tons
Peru is a mineral-rich nation, identified for deposits of copper, silver and gold. In 2025, Peru’s gold manufacturing was flat with the prior yr’s, with 110 metric tons being extracted.
Whereas Peru’s gold mines might not produce as a lot gold as some others on this record, some are nonetheless important producers, together with Newmont’s Yanacocha mine, which produced 515,000 ounces in 2025, and Pan American Silver’s (TSX:PAAS,NYSE:PAAS) Shahuindo mine, which produced 132,000 ounces.
Peru has spent years working to crack down on unlawful mining. Whereas it has had some success, unlawful gold operations account for roughly half of all gold produced in Peru. These operations have additionally wreaked havoc on huge swaths of the Amazon, as mercury used within the manufacturing of gold leaches into groundwater and soil.
There are additionally authorized artisanal miners who oppose current authorities motion to manage unlawful operations. Presently, unlawful miners are granted momentary authorized standing, giving them time to formalize their licenses. These licenses have been disputed by authorized artisanal miners and mining corporations who say it encourages unlawful actions. In November 2025, Peru prolonged the momentary licenses till the top of 2027.
FAQs for gold investing
How is gold mined?
Gold is mined by a number of completely different strategies, together with: placer mining, hard-rock mining, by-product mining and by processing gold ore. The tactic a gold-mining firm chooses relies upon upon the scale, location, geological mannequin and metallurgy of the deposit in query.
What’s the manufacturing price of gold?
The price of producing gold varies from one miner to the subsequent, and is reported because the all-in sustaining price (AISC). AISC was first launched in 2013 by the World Gold Council. Deposit kind, power prices and inflation are the elements which have the most important affect on AISC. The typical AISC for all the gold trade is calculated by averaging the manufacturing prices of the most important gold producers. The typical AISC fluctuates with adjustments in power prices and inflation.
Which nation is the most important proprietor of gold?
The nation with the largest central financial institution gold reserves is the US, which had 8,133.5 metric tons as of March 2026. Most US central financial institution gold is held in deep storage in Denver, Fort Knox and West Level.
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Securities Disclosure: I, Dean Belder, at the moment maintain no direct funding curiosity in any firm talked about on this article.
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