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Global Gold Market Trends

Gold continues to be the most popular precious metal commodity by offering long-term store of value and serving as a hedge against inflation.
Mining Technology keeps track of the world gold market by analysing gold price trends and country-wise gold production and consumption data. By monitoring the performance of gold mining companies and major gold mines around the world, Mining Technology identifies the top gold producing companies and countries.

Global gold production is bouncing back after COVID-19 hit output in 2020. It is expected to surpass 130 million ounces (Moz) by 2024, according to GlobalData’s estimates.

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GlobalData forecasts data for 15 commodities of 60 leading mining countries, with 70 reports per year covering supply & demand, key projects, activities of major mining companies and fiscal regimes.

Gold Price Trend Chart: Trailing 12 Months

Mining Technology’s gold price trend charts showcase monthly gold prices and the global gold price trend over the last 12 months.

The price of gold peaked at US$2,043/oz in March driven by the war in Ukraine.

Gold’s role as a safe haven drove the price up from US$1,786/oz on 28 January to US$2,043 on 8 March, however it returned to under US$1,950/oz over the second half of the month. While the continuing conflict is likely to sustain high prices as will rising inflation, there is opposite pressure coming from potential rises in interest rates and an improving US dollar.

As yet supplies do not appear to be impacted, however, with several gold miners in Russia advising of no adjustment to their production guidance, whilst Kinross has announced the sale of its gold assets in Russia to Highland Gold Mining.

Top Gold Mining Companies by Production

Mining Technology has identified the global top 10 gold producing companies by comparing the annual production volumes of major gold mining companies in different regions.

Newmont emerged as the biggest among the world’s top gold mining companies by production in 2020, followed by Barrick Gold and AngloGold Ashanti.

The ten biggest gold miners in the world together contributed 25% of the global total gold output in 2020.

Current Rank Rank 2019 Company Name Headquarters
1 1 Newmont Corp United States
2 2 Barrick Gold Corp Canada
3 3 AngloGold Ashanti Ltd South Africa
4 9 Jiangxi Copper Co Ltd China
5 4 Polyus Russia
6 5 Kinross Gold Corp Canada
7 7 Gold Fields Limited South Africa
8 6 Newcrest Mining Ltd Australia
9 8 Agnico-Eagle Mines Ltd Canada
10 10 Zijin Mining Group Co Ltd China

Source: GlobalData

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Gold Production by Country

Mining Technology ranks the top gold producing countries in the world, based on a comprehensive database of gold production by country that captures the latest gold mine output data across different geographic locations.

China, Australia and Russian Federation were the biggest producers of gold in 2020.

The top ten gold producing countries together accounted for 57% of the global gold output in 2020.


Biggest Gold Mines in the World

Mining Technology closely watches the production of major gold mining projects to identify the world’s biggest gold mines.

With an output of 2Moz, Muruntau Mine in Uzbekistan ranked as the world’s biggest gold mine by production in 2020.

The ten biggest gold mining operations in the world together accounted for 10% of the global gold output in 2020.

Mine Name Country State Owner Mine Type & Method Production 2020 (Thousand Ounces)
Muruntau Mine Uzbekistan Navoiy Viloyati Navoi Mining & Metallurgy Combinat(100%) Surface & Open Pit 1917.04
Carlin Mine United States Nevada Barrick Gold Corp(61.5%), Newmont Corp(38.5%) Surface and Underground & Open Pit/Long Hole Stoping 1665
Olimpiada Mine Russia Krasnoyarsk Krai Polyus(95.1%), Undisclosed(4.9%) Surface & Open Pit 1397.51
Goldstrike Mine United States Nevada Barrick Gold Corp(61.5%), Newmont Corp(38.5%) Surface and Underground & Open Pit/Long Hole Stoping 1210.46
Pueblo Viejo Mine Dominican Republic Sanchez Ramirez Barrick Gold Corp(60%), Newmont Corp(40%) Surface & Open Pit 903
Cadia Mine Australia New South Wales Newcrest Mining Ltd(100%) Underground & Panel Caving 843.34
Kibali Mine Democratic Republic of the Congo Orientale Barrick Gold Corp(45%), AngloGold Ashanti Ltd(45%), Sokimo(10%) Surface and Underground & Open Pit/Stoping 808.89
Cortez Mine United States Nevada Barrick Gold Corp(61.5%), Newmont Corp(38.5%) Surface and Underground & Open Pit/Long Hole Stoping 799
Lihir Mine Papua New Guinea New Ireland Newcrest Mining Ltd(100%) Surface & Open Pit 775.98
Shaxi Copper Mine China Anhui Tongling Nonferrous Metals Group Co Ltd(100%) Underground & To be confirmed 730.21

Source: GlobalData

Major Upcoming Gold Mines

Mining Technology lists the major upcoming gold mines in the world by comparing annual production capacities of upcoming gold mining projects.

The Quebrada Honda I and II Mine in Chile is the biggest upcoming gold mine in the world, with an annual production capacity of 15.58Moz.

The Taldybulak Project in Kyrgyzstan and the Sukhoi Log Project in Russia are the next major upcoming gold mines with capacities of 3.30Moz and 2.30Moz, respectively.

Mine Name Country State Owner Mine Type & Method Annual Production Capacity (Thousand Ounces)
Quebrada Honda I and II Mine Chile Atacama Barrow Mining SpA(100%) Surface & Open Pit 15584.13
Taldybulak Project Kyrgyzstan Talas Socagest SA(100%) Surface and Underground & Open Pit 3300
Sukhoi Log Project Russia Irkutsk Oblast Polyus(58.35%), Rostec(41.65%) Surface and Underground & Open Pit 2300
Mponeng Expansion Project South Africa Gauteng Harmony Gold Mining Co Ltd(100%) Underground & Room and Pillar 1940.91
Donlin Gold Project United States Alaska Barrick Gold Corp(50%), NovaGold Resources Inc(50%) Surface & Open Pit 1500
Racaycocha Project Peru Ancash Industrias Penoles SAB de CV(100%) Surface & Open Pit 1383.18
La Colosa Project Colombia Tolima AngloGold Ashanti Ltd(100%) Surface & Open Pit 1000
KSM (Kerr-Sulphurets-Mitchell) Project Canada British Columbia Seabridge Gold Inc(100%) Surface and Underground & Open Pit/Block Caving 933
Pascua-Lama Project Chile Atacama Barrick Gold Corp(100%) Underground & Block Caving 850
Kucing Liar Project Indonesia Papua Freeport-McMoRan Inc(90.64%), Government of Indonesia(9.36%) Underground & Block Caving 725.2

Source: GlobalData

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