Indonesia to Join Ranks of World's Largest Gold Producers in 2024

A United States Geological Survey (USGS) report estimates gold production in several countries in 2024.

Of the top 10, Indonesia ranks last with a volume of 100 metric tons throughout last year. This estimate is stagnant from 2023.

The USGS also notes that Indonesia has gold reserves of up to 3,600 metric tons as of 2024.

China holds the top position with an estimated production of 380 metric tons in 2024. This figure is slightly up from 375 metric tons in 2023.

However, China's reserves are smaller than Indonesia's, reaching 3,100 metric tons.

Russia is second with 310 metric tons, followed by Australia with 290 metric tons.

Global production is estimated to reach 3,300 metric tons last year.

The following are the top 10 countries with the largest estimated gold production in 2024 according to the USGS:

* China: 380 metric tons
* Russia: 310 metric tons
* Australia: 290 metric tons
* Canada: 200 metric tons
* United States: 160 metric tons
* Ghana: 130 metric tons
* Kazakhstan: 130 metric tons
* Mexico: 130 metric tons
* Uzbekistan: 120 metric tons
* Indonesia: 100 metric tons.

In addition, the USGS estimates global gold consumption, excluding exchange-traded funds and similar investments, as follows: jewelry 45%; central banks and other institutions 21%; physical bars 19%; official and imitation coins and medals 7%; electrical and electronic 6%; and other 1%.

The USGS also notes that in the first nine months of 2024, global gold consumption increased by 12% in physical bars, 12% in electronics, remained unchanged in other industrial applications, decreased by 5% in dentistry, decreased by 7% in jewelry, and decreased by 25% in coins and medals compared to the first nine months of 2023.

Meanwhile, central bank gold holdings decreased by 17%, and global investment in gold-based exchange-traded funds and similar investments decreased by 87%.

"Total global consumption in the first nine months of 2024 decreased by 3% compared to the first nine months of 2023," the USGS wrote in its *Mineral Commodity Summaries 2025* report, quoted on Tuesday (February 4, 2024).