Indonesia Ranks Among the World's Largest Gold Producers in 2023

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Cindy Mutia Annur 19/02/2024 16:30 WIB

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According to the USGS report, China was the world's largest gold producer in 2023. Indonesia ranked eighth.

Top 10 Gold-Producing Countries in the World (2023)*

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Indonesia Ranks Among the World's Largest Gold Producers in 2023

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Top 10 Gold-Producing Countries in the World (2023)*

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The United States Geological Survey (USGS) estimates that global gold production reached 3,000 metric tons in 2023.

This figure is down 1.96% year-on-year (YoY) compared to 2022, when production reached 3,060 metric tons.

In 2023, China became the world's largest gold producer, with an estimated production of 370 metric tons, or about 12.33% of total global gold production.

Australia and Russia followed, each with gold production of 310 metric tons.

This is followed by Canada, the United States, Kazakhstan, and Mexico, with production volumes as shown in the graph.

Meanwhile, Indonesia ranked eighth as the world's largest gold producer in 2023, with an estimated production of 110 metric tons of gold.

According to the USGS, global gold consumption is mostly used for jewelry (46%), as well as for central banks and institutions (23%).

Some is also used for gold bars (16%), coin and medal production (9%), electronics production (5%), and other industrial production (1%).

The USGS also notes that overall, total global gold consumption in the first nine months of 2023 fell by 3% compared to the same period in 2022.

Specifically, during the first nine months of 2023, global gold consumption in the form of physical bars fell by 5% (YoY), while gold consumption for electronics fell by 11% (YoY).

Gold consumption for jewelry and industrial production did not change significantly. Meanwhile, gold consumption for coin and medal production increased by 6% (YoY), and for central bank gold reserves it surged by 14% (YoY).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Indonesia Ranks Among the World's Largest Gold Producers in 2023

Indonesia Ranks Among the World's Largest Gold Producers in 2023

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Indonesia Ranks Among the World's Largest Gold Producers in 2023

Indonesia Ranks Among the World's Largest Gold Producers in 2023

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