Global mine reserves of gold 2023, by country

Australia has the largest gold mine reserves worldwide, with the country's reserves having amounted to an estimated 12,000 metric tons in 2023.

Australia and Russia hold the largest reserves of gold

Australia and Russia hold a large share of the world’s gold mine reserves, accounting for 12,000 metric tons and 11,100 metric tons, respectively in 2023. Global gold reserves amounted to a total of 59,000 metric tons that year. Meanwhile, the global mine production volume of gold reached an estimated 3,000 metric tons in 2023. Despite having the largest gold reserves, Australia was the second-largest gold mining country in the world in 2023, after China.

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 67 percent of its total monetary holdings as gold reserves in 2022; Switzerland held about 6.7 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 1,800 U.S. dollars per troy ounce in 2022.