According to the World Gold Council, global gold production in 2024 was 3.7 thousand tons – only 0.6% more than in the previous year. China leads the world in gold production, accounting for 10.4%, or 380.2 tons. Significant volumes were also produced in Russia (330 tons), Australia (284 tons), and Canada (202.1 tons).
The top ten gold producers also included the United States (158 tons), Ghana (140.6 tons), Mexico (140.3 tons), Indonesia (140.1 tons), Peru (136.9 tons), and Uzbekistan (129.1 tons).
According to the World Gold Council, Kazakhstan ranks 14th with a production volume of 87 tons. The World Gold Council publishes data based on the Metals Focus methodology, which takes into account so-called refined or paid gold – gold actually paid for by the refinery. This means that it doesn’t refer to the mass of gold-bearing ore or semi-finished products, but rather to the metal after processing, which is as close as possible to refined gold.
Interestingly, according to the Bureau of National Statistics (BNS) of the Agency for Socio-Economic Development and Resources of the Republic of Kazakhstan, Kazakhstan produced significantly less refined gold in 2024 than World Gold Council experts estimate: only 72.1 tons (1.5% more than the previous year).
Among the CIS countries, Kazakhstan ranks behind Russia and Uzbekistan, which both rank in the top 10, in terms of gold production, and ahead of Kyrgyzstan, which produced 23.6 tons of the precious metal. Other CIS countries accounted for 14.2 tons, a significant 11.9% decrease compared to the 2023 target. According to the World Gold Council, gold production in Kazakhstan and Kyrgyzstan also declined: by 1.3% and 7.5%, respectively. In Russia and Uzbekistan, by contrast, output increased by 2.6% and 7.9%, respectively.
Meanwhile, according to the US Geological Survey, Kazakhstan cemented its place among the top 10 countries with gold production at 130 tons, down by 2.3%. According to the agency, global gold production totaled 3,300 tons, with China (380 tons), Russia (310 tons), Australia (290 tons), Canada (200 tons), and the United States (160 tons) also leading the world.
Also worth noting are Mexico and Ghana, which, like Kazakhstan, each produced 130 tons. Uzbekistan also entered the top ten, but with a volume of 120 tons.
The US Geological Survey compiles its data based on official government reports. According to the BNS, Kazakhstan’s production of rough and semi-processed gold, as well as gold powder, in 2024 was precisely 130.3 tons (note that the US Geological Survey rounds off the data). The discrepancy from the World Gold Council’s data is explained by the specific type of gold used in the calculation.
According to the BNS’s current data, from January to August, the country produced 85.9 tons of rough and semi-processed gold, as well as gold powder – 2.1% less than in the same period last year. Of this, refined gold accounted for 48.2 tons, down by 2.5%.
Meanwhile, the price of gold continues to break historical records: as of the end of September, it reached $3,900 per troy ounce. It’s worth noting that at the beginning of the year, the price of a troy ounce of gold was just over $2,600. This nearly 50% price jump is due to global geopolitical instability, rising military spending, and investors’ shift from risky assets to safe havens. (EnergyProm)