Largest gold producing countries in Latin America 2023

In 2023, Mexico was the largest gold-producing country in Latin America, with an estimated output of 120 metric tons. It was followed by Peru, with a production of 90 metric tons. The two regional leaders also rank among the top gold producers worldwide.

Lucky finders of the golden ticket

Gold mining has been an important part of the history of many Latin American countries, sometimes dating back to pre-colonial times. Centuries later, the segment still plays a major role in their economy. For example, gold exports from Peru contributed an average of 10 billion U.S. dollars in recent years to the Andean country, with Switzerland, India, and Canada among the main countries of destination. Meanwhile, on the northern side of the region, gold remains the most important metal in the Mexican mining sector, accounting for nearly one third of the sector's production value. In turn, annual gold exports from the North American country stood at around 4.5 billion U.S. dollars through the second half of the past decade.

A safe bet

Unlike many commodities, gold has endured as a valuable resource. Its chemical stability and resistance, combined with a relatively scarce offer, have led this precious metal to be frequently seen as an appealing investment. Perceived as carrying reduced risk, demand is usually at the highest in times of uncertainty. In fact, amidst the COVID-19 pandemic, the average price of gold reached just under 1.8 thousand U.S. dollars per troy ounce, one of the highest values on record.