Global gold production remained concentrated among a handful of producers in 2024, led by China, Russia and Australia, while African nations increased their share of global supply, according to World Gold Council data.

China remained the world’s largest gold producer, mining 380.2 tonnes in 2024, accounting for more than 10% of global output. Russia followed with 330 tonnes, while Australia produced 284 tonnes.

Canada ranked fourth with 202.1 tonnes, followed by the United States with 158 tonnes. Ghana, with 140.6 tonnes, was the world’s sixth-largest producer and Africa’s leading producer.

The World Gold Council said China’s dominance gives it a major role across the global gold market, spanning mining, refining, jewelry consumption and central bank reserves. China is also one of the world’s largest consumers of gold.

Russia remained the second-largest producer despite Western sanctions and geopolitical tensions stemming from the war in Ukraine, while Australia continued to benefit from its vast mineral reserves and mature mining industry.

Africa accounted for nearly one-quarter of global mine supply in 2024, underscoring its growing importance in the international gold market.

Ghana led African production, followed by Mali and South Africa. Other African nations, including Burkina Faso, Sudan, Tanzania and Côte d’Ivoire, have expanded production over the past decade as mining investment increased across the continent.

The World Gold Council noted that several smaller African economies depend heavily on gold exports for government revenue and foreign exchange reserves.

However, political instability and security concerns continue to pose operational risks in some mining regions. Despite these challenges, Africa remains a key growth region for global mining companies, the council said.

The Americas also remained a key pillar of global gold supply, led by Canada, the United States and Mexico, along with major South American producers.

Mexico produced roughly 140 tonnes in 2024, while Peru, Brazil, Colombia and Argentina also contributed significantly to global output.

Gold prices have remained elevated in recent years as investors seek safe-haven assets amid geopolitical tensions, inflation concerns and strong central bank buying, increasing the strategic importance of major producing nations.