The question of the largest gold reserves is easily answered: according to the World Gold Council, the US continues to hold the highest amount of gold with 8,133.5 tons, followed by Germany at 3,350 tons and two other European countries, Italy and France, with 2,452 and 2,437 tons, respectively. Of all nations, China has been recording the highest growth percentage for years and came in sixth at the end of 2025. But what about gold reserves as yet unmined? Which are the leading countries and where are the world’s largest gold producers located?
China leads global mine production
China has been leading the global gold market for some time, both in terms of demand and supply of the precious metal, with 380 tons mined in 2024. Due to its population’s high affinity for gold jewelry, China is also one of the leading countries in terms of scrap gold recycling. As for gold production, the US ranks only fifth, with 160 tons, behind Russia, Australia and Canada. Various African and Latin American nations follow, while European countries play virtually no role in gold mining.
Russia and Australia have the largest untapped gold deposits
According to a publication by the U.S. Geological Survey from early 2025, roughly 12,000 tons of gold are located in both Russia and Australia, ready for extraction in existing or planned gold mines, far exceeding any other country. South Africa ranks third with 5,000 tons. By comparison, China and the US have significantly fewer economically viable gold deposits, at a respective 3,100 and 3,000 tons, coming in sixth and seventh. Larger untapped gold deposits are located in Canada, Central and South America, various African countries and Eastern Europe. A total of 60,000 tons of Gold are currently considered economically viable for mining.