Which Country Produces & Consumes the Most Gold? List of the Top 10 Largest Gold-Producing and Gold-Consuming Countries in the World!

Largest Gold Consumer in the World: According to the World Gold Council (WGC), Gold is one of the most studied nanomaterials and an irreplaceable asset in the world, with a long history of being used as a form of currency and a symbol of wealth and status.

Although the currency can lose its value at some point, gold, on the other hand, has always maintained its value and purchasing power over time. 

This makes it a popular choice for investors looking to protect their wealth against economic uncertainties. Therefore, many people consider gold to be a reliable and stable investment option.

But do you know which country produces the most gold in the world? Additionally, which nation consumes the most gold annually? In this article, we'll answer these questions and explore the top gold-producing and gold-consuming countries in the world.

Which Country is the Largest Producer of Gold in the World?

China is the world's largest gold producer, producing approximately 375 tonnes per year, a slight increase from previous years due to ongoing investments in mining technology and efficiency.

• Country: China
• Continent: Asia
• Major Gold Mines: Shaxi Copper Mine, Dexing Mine, Sanshandao Gold Mine, Jiaojia Gold Mine and Zaozigou Gold Mine
• Export Dependency: According to OEC.world, China's gold exports were $4.12 billion in February 2025, a 112% increase from $1.94 billion in January 2025.

List of the 5 Highest Gold Producing Countries in the World

According to the World Gold Council, here’s the complete list of the highest gold-producing countries in the world.

#1. China

China stands as the world's leading gold producer, with an impressive output of 378.2 tonnes. This substantial production underscores the country's significant role in the global gold market. 

Beyond its domestic mining operations, China is also a major consumer and importer of gold, driven by factors such as jewellery demand, investment, and its central bank's reserves. 

The country's influence on gold prices and market trends is considerable, and its production levels are closely watched by industry analysts worldwide.

#2. Russian Federation

The Russian Federation ranks as the second-largest gold producer, with an output of 321.8 tonnes. 

The country's gold mining sector has seen significant growth in recent years, making it a key player in the global supply of the precious metal. 

Major gold mining regions in Russia include Siberia and the Far East. Similar to China, Russia's central bank is also a significant holder of gold reserves, further emphasising the metal's importance to the national economy.

#3. Australia

Australia secures its position as the third-largest gold producer, yielding 293.8 tonnes. The country boasts a well-established and mature gold mining industry, with significant deposits found across various states, including Western Australia. 

Australian gold mines are known for their efficiency and technological advancements. The majority of the gold produced in Australia is exported, making it a crucial supplier to the global market.

#4. Canada

Canada holds the fourth position in gold production, with an output of 191.9 tonnes. The country's diverse geological landscape supports gold mining operations in various provinces, including Ontario and Quebec. 

Canada's gold mining industry is characterised by its adoption of modern mining techniques and environmental regulations. 

While a portion of the produced gold is exported, a significant amount also contributes to domestic industries, including jewellery manufacturing and investment.

#5. United States

The United States rounds out the top five gold-producing countries, with an output of 166.7 tonnes. 

Gold mining in the U.S. has a long history, with significant production occurring in states like Nevada and Alaska. The country's gold mining industry includes both large-scale open-pit mines and underground operations. 

While the U.S. is a significant gold producer, it is also a major consumer and importer of the metal, driven by its strong jewellery market and investment demand. The U.S. government also holds substantial gold reserves.

Which Country is the Largest Consumer of Gold in the World?

Again, China holds the position of the largest consumer of gold in the world. This eastern country consumes over 600 metric tonnes of gold in a year. Additionally, a fun fact is that it imports ⅔ of the amount of gold it uses. However, looking at more recent data from 2024, India surpassed China to become the world's largest consumer of gold jewellery in 2024.

India's jewellery consumption reached 563.4 tonnes in 2024, exceeding China's 511.4 tonnes. India's total gold demand also rose by 5% year-on-year to 802.8 tonnes in 2024.  Therefore, while China has historically been the largest overall consumer, India emerged as the largest consumer of gold in 2024.

List of the 5 Highest Gold Consuming Countries in the World

According to the World Gold Council, here’s the complete list of the largest gold-consuming countries in the world.

#1. China

China's immense appetite for gold positions it as the world's leading consumer. Its annual consumption, estimated at 630.2 metric tonnes, is driven by a confluence of factors. 

A significant portion is channelled into industrial applications, leveraging gold's unique properties in electronics and other sectors.

Investment demand also plays a crucial role, with gold serving as a safe-haven asset for both individuals and institutions. Furthermore, the enduring cultural significance of gold in jewellery further amplifies its consumption.

#2. India

India's robust gold consumption, totalling approximately 575.8 metric tonnes annually, is deeply rooted in cultural traditions and economic practices. 

The overwhelming majority of this demand stems from the enduring popularity of gold jewellery, an integral part of social customs and celebrations across the country. 

Beyond ornamentation, gold is also widely regarded as a store of value, offering financial security, particularly in rural communities. 

Unlike China, India's domestic gold mining is minimal, making it heavily reliant on imports to meet its substantial consumption needs.

#3. United States

The United States exhibits a more diversified pattern of gold consumption, reaching around 136.9 metric tonnes per year. 

While jewellery remains a significant component of this demand, a notable portion is also directed towards industrial applications, capitalising on gold's conductivity and resistance to corrosion. 

Moreover, investment in gold, through bullion, coins, and exchange-traded funds, constitutes a substantial segment of consumption, reflecting its role as a hedge against economic uncertainty. 

#4. Germany

Germany's gold consumption, estimated at 42.2 metric tonnes annually, is notably characterised by a strong emphasis on industrial applications. 

Gold's exceptional conductivity and inertness make it indispensable in various high-tech industries, including electronics and medical devices. While jewellery consumption exists, it constitutes a smaller proportion compared to industrial use. 

Furthermore, Germany's robust economy and strong savings culture contribute to investment demand for gold, albeit less dominant than its industrial utilisation.

#5. Thailand

Thailand's annual gold consumption of approximately 39.7 metric tonnes is predominantly shaped by the enduring cultural significance of gold jewellery. 

Gold ornaments, particularly chains, are widely purchased and worn, representing both adornment and a form of accessible wealth. 

The prevalence of gold shops across the country, openly displaying prices in the local "baht" weight, underscores the accessibility and cultural integration of gold. While industrial and investment uses exist, they are secondary to the strong demand for tangible gold jewellery.