Global mine reserves of gold 2024, by country

Australia and Russia have the largest gold mine reserves worldwide, with each one having reserves of an estimated 12,000 metric tons in 2024. 

Australia, Russia and South Africa hold the largest reserves of gold

Australia, Russia and South Africa hold a large share of the world’s gold mine reserves, accounting for 12,000, 12,000 and 5,000 metric tons, respectively in 2024. Global gold reserves amounted to a total of 64,000 metric tons that year. Meanwhile, the global mine production volume of gold reached an estimated 3,300 metric tons in 2024. Despite having the largest gold reserves, Australia was the third-largest gold mining country in the world in 2024, after China and Russia. 

Gold's versatile uses

Gold is known for its bright lustrous yellow color and was often used as a monetary standard in the past. The precious metal is mostly used in jewelry, for investments, and in coinage. The United States held about 70 percent of its total monetary holdings as gold reserves in 2023; Switzerland held about 7.6 percent of its holdings as gold. This transition metal is also valued for its ductile, malleable, and non-reactive characteristics. Thus, it is also used industrially, often as electrical connectors, infrared shielding and colored-glass protection. The price of gold can vary, it reached a recent low in the early 2000s at 279 U.S. dollars per troy ounce in 2000 and increased to a high of 1,943 U.S. dollars per troy ounce in 2023.