Experts Club has released a video analysis dedicated to the dynamics of gold production in the world by leading countries. Over the past half-century, the structure of global gold production has changed significantly: while South Africa and the USSR were the leaders in the 1970s, by the 2020s, China, Australia, and Russia had taken the lead.
China is now the largest gold producer in the world, having led the field by a significant margin for almost 20 years. Russia is in second place, Australia in third.
Further down the top ten are Canada, the US, Ghana, Mexico, Indonesia, Peru, and Uzbekistan.
In the 1970s and 1990s, South Africa dominated, accounting for up to two-thirds of global gold production. The gradual depletion of deposits and rising costs led to a decline in its share. South Africa has now fallen out of the top ten countries in terms of gold production.
In the 1990s, Russia took the lead, and in the last two decades, there has been significant growth in gold production in Australia, Canada, and African countries (Ghana, Mali).
Total global gold production has more than doubled since 1975, exceeding 3,600 tons per year by 2023–2024.
Since the early 2020s, gold has been steadily updating its historical highs amid geopolitical instability and inflationary risks. As of September 2025, the price of gold reached about $3,710-$3,730/ounce. This rapid rise in price is supported by increased demand from central banks, investment flows into ETFs, and expectations of lower interest rates in the US.
For more details on the struggle between countries for global leadership in gold production, see the video from Experts Club – https://www.youtube.com/shorts/DWbzJ1e2tJc
“Gold is not only used in the jewelry industry and finance, but also in electronics (coating contacts and connectors, where high conductivity and corrosion resistance are important), modern computers and smartphones are impossible without the use of gold. Gold is used in aviation and space technology, medicine, and lasers. Gold is also used as a catalyst in chemical reactions (for example, in the production of certain types of fuel),” commented Maxim Urakin, candidate of economic sciences and co-founder of the Experts Club information and analytical center, in the video.
The rise in prices confirms the importance of gold as a “safe haven” in times of global turbulence.
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