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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 average gold price was down 0.8% in June. Gold’s role as a safe haven drove the price up from $1,786/oz on 28 January to $2,043/oz on 8 March. However, it fell below $1,900/oz in late April and remained below that level during May and June.

While the continuing conflict in the Ukraine and rising inflation are likely to support high prices, there has been opposite pressure coming from the Federal Reserve’s interest rate increases and an improving US dollar.

Top Gold Mining Companies by Production

Mining Technology has identified the global top ten 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 2021, followed by Barrick Gold and Polyus.

The ten biggest gold miners in the world together contributed 23% of the global total gold output in 2021.

Current Rank Rank 2020 Company Name Headquarters
1 1 Newmont Corp United States
2 2 Barrick Gold Corp Canada
3 4 Polyus Russia
4 3 AngloGold Ashanti Ltd South Africa
5 6 Gold Fields Limited South Africa
6 8 Agnico-Eagle Mines Ltd Canada
7 5 Kinross Gold Corp Canada
8 7 Newcrest Mining Ltd Australia
9 9 Zijin Mining Group Co Ltd China
10 10 Harmony Gold Mining Co Ltd South Africa
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, Russia and Australia were the biggest producers of gold in 2021.

The top ten gold producing countries together accounted for 58% of the global gold output in 2021.


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 1.92Moz, Muruntau Mine in Uzbekistan ranked as the world’s biggest gold mine by production in 2021.

The ten biggest gold mining operations in the world together accounted for 8% of the global gold output in 2021.

Mine Name Country State Owner Mine Type & Method Production 2021 (Thousand Ounces)
Muruntau Mine Uzbekistan Navoiy Viloyati Navoi Mining & Metallurgy Combinat(100%) Surface & Open Pit 1929.42
Carlin Mine United States Nevada Barrick Gold Corp(61.5%), Newmont Corp(38.5%) Surface and Underground & Open Pit/Long Hole Stoping 1332.86
Olimpiada Mine Russia Krasnoyarsk Krai Polyus(95.1%), Undisclosed(4.9%) Surface & Open Pit 1098.3
Shaxi Copper Mine China Anhui Tongling Nonferrous Metals Group Co Ltd(100%) Underground & To be confirmed 946.38
Pueblo Viejo Mine Dominican Republic Sanchez Ramirez Barrick Gold Corp(60%), Newmont Corp(40%) Surface & Open Pit 876
Kibali Mine Democratic Republic of the Congo Orientale Barrick Gold Corp(45%), AngloGold Ashanti Ltd(45%), Sokimo(10%) Surface and Underground & Open Pit/Stoping 803.91
Cadia Mine Australia New South Wales Newcrest Mining Ltd(100%) Underground & Panel Caving 764.9
Lihir Mine Papua New Guinea New Ireland Newcrest Mining Ltd(100%) Surface & Open Pit 737.08
Cortez Mine United States Nevada Barrick Gold Corp(61.5%), Newmont Corp(38.5%) Surface and Underground & Open Pit/Long Hole Stoping 735.28
Loulo-Gounkoto Mine Mali Kayes Barrick Gold Corp(80%), Government Of Mali(20%) Surface and Underground & Open Pit/Sub Level Stoping 721.5
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 9.01Moz.

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 9012.51
Taldybulak Project Kyrgyzstan Talas Socagest SA(100%) Surface and Underground & Open Pit 3300
Sukhoi Log Project Russia Irkutsk Oblast Polyus(58.35%), Rostec Corp(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 Top Global Projects

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