China remained the top gold producer globally in 2023, new data released by the World Gold Council (WGC) showed.
Per the report, global production reached 3,646 tonnes, a 0.9% year-over-year increase from the 3,612 tonnes produced in 2022.
According to Bank of America (NYSE:BAC) analysts, this growth was primarily driven by significant production increases in South Africa (+11.7 tonnes), Colombia (+10 tonnes), and Uzbekistan (+8.8 tonnes). However, the gains were partially offset by notable declines in production from Australia (-12.5 tonnes), Russia (-8.3 tonnes), and Sudan (-7.6 tonnes).
China further extended its lead over Russia, securing its position as the world's top gold producer with a total of 378 tonnes in 2023, reflecting a 0.9% increase from 375 tonnes in 2022, compared to Russia's 322 tonnes.
“Although the nation is far from returning to its historical status as the world’s top gold producer, South Africa increased its gold production in 2023 by 12.6% from 2022,” analysts added.
In 1993, South Africa was by far the biggest gold producer among nations, accounting for 27% of total global production. Now, it accounts for just 3%.