The 10 largest gold producing countries in the world
With the Fed’s tendency to raise the interest rate for the dollar to 1%, there are expectations that gold may be subjected to more pressures from the dollar in the coming days, as the gold market closed this week its trading down by about 2% on the global stock exchange, which led to a loss One ounce of gold is about $30 in the trading market
Gold mining is considered a global trade in all countries of the world, where gold is extracted from mines that differ from one size and type to another.
Five factors that affect the price of gold
- Inflation - When there is an inflation of a currency, people resort to storing the value of their money in gold, and gold has always maintained its value because it is relatively stable.
- Supply - Like other commodities, supply and demand have the ability to manipulate the price of gold. If the market is saturated with gold, this reduces the value of the price of gold.
- Demand - If the demand is greater than the supply, the price of the metal in question is likely to rise. Demand can be created by asking jewelers for the metal.
- The US dollar - The price of gold is measured in terms of the US dollar, which makes the US dollar currency a major player in the commodity's attractiveness to foreigners.
- Geopolitical events - Like all global minerals, geopolitical events have an impact on this quantity of metal such as gold or oil, major events such as wars can move the metal price curve
The first gold-producing country
The first country scientifically in gold production in the world is China, where the annual production volume of gold metal is about 420 tons, which is equal to 11% of the global production of gold.
China produces the largest proportion of gold mining from Shashi Copper Mine, located in Anhui Province, which is affiliated with the Tongling Nonferious Metals Group, and the volume of gold production from this mine is about 730 thousand ounces.
Some of the major gold in China are:
- ziazijiu mine
- Sanchandao Mine
- Diangshuang Mine
- Jawjia Mine
Australia comes in second place in the world with an annual production of 330 tons, followed by Russia in third place with 310 tons and the United States of America in fourth place with an annual production of 200 tons.
Canada ranked fifth with an annual production of 180 tons, Indonesia sixth with 160 tons, and Peru with an estimated production of 130 tons annually.
In the same context, but on the other hand, India ranks first as the largest consumer of gold, China second, the United States of America third, Turkey fourth, Saudi Arabia fifth, and the sixth place belongs to the United Arab Emirates as the largest consumer of the common yellow metal globally
World Gold Council
In a report that came from the World Gold Council, in which it stated that gold was among the best performing assets during the year 2022, as it rose by an estimated 5% in US dollars, but this did not prevent it from closing its monthly trading with a decrease of 1.6% at 1911 dollars per ounce, as it was classified April 1 with a significant weakness for all assets, even the stock and bond market
The US dollar was a major reason for the decline in gold, as the strength of the US dollar affected the price of gold during the past months, especially since it was more powerful and stable than now during the past years .
This yellow metal remains among the most stable and stable assets over its price, meaning it remains the best haven for investors or for the general public who may want to preserve the value of their money instead of going to real estate, bonds or the stock market. Gold is the best among these options as a whole, especially It may be subjected to some pressures from the dollar or from central banks, but it is relatively stable due to the recent years, which indicate that gold has maintained its levels over the past 20 years.
