Despite being the world’s largest producer of gold, China gold reserves are not the highest in the world, with US topping the list at 8,133.46 tonnes in reserves in 2024.
China gold reserves: Amid the looming threat of global trade war after the imposition of reciprocal tariffs by US President Donald Trump, China and Australia have reportedly discovered massive gold reserves in their respective countries. According to reports, China has discovered over 2000 tons of gold reserves in Hunan and Liaoning provinces in the last 3 months, while Australia, known for its gold mines, has ramped up extraction of the precious yellow metal in wake of an impending recession likely to result from Trump’s tariffs.
China discovers world’s largest gold reserve
in November last year, China had reportedly discovered the world’s largest gold reserve in Hunan province. According to Chinese media, approximately 1,000 metric tons of high-quality ore, worth a whopping $83 billion were found in Pingjiang County in Hunan province, making it the largest gold reserve ever discovered in recorded history, surpassing the previous record of 900 metric tons, held by the South Deep mine in South Africa.
Now, months after the discovery, Chinese geologists have reportedly unearthed another gold mine reportedly containing a similar amount of gold as the earlier find.
Reports quoting a geologists involved with the finding, said the discovery was made using new state-of-the-art 3D mapping technology after information about the presence of gold at two places. The find is being investigated and the gold tested, he said, adding that this will be the largest gold reserve ever discovered if the findings turn out to be accurate.
South Africa’s South Deep Mine is currently considered the world’s largest gold reserves, holding a whopping 900 metric tons of the precious metal, according to reports.
According to Chinese geologists, the two mines are located in Hunan and Liaoning provinces, where small gold reserves were also discovered previously.
Experts question China’s claim
Meanwhile, experts have doubted the accuracy of China’s claim, raising questions about the quality of gold and the challenges of extracting it from the deposits. Geologists have called for an independent investigation to verify China’s claim, while many experts have stated that the discovery, if accurate, highlights the technological superiority Beijing has attained.
Notably, China has countered these questions by claiming that the deposits are relatively easy to mine, and gold can mined on a larger scale at these sites.
Australia ramps up gold extraction
On a similar note, Australia, famous for its gold mines, has ramped up its gold extraction efforts in wake of the increased demand for the precious metal. According to experts, Australia will replace China as the world’s largest gold producer by 2030, as the country is expected to extract 377 tonnes of gold annually, up from 289 tonnes in 2023–24.
The development comes amid surges gold prices across the globe, which has risen to Rs 91,000 per 10 grams in India on Friday.
China gold reserves
Interestingly, despite being the world’s largest producer of gold, China lags behind several nations in gold reserves, a list which is headed by the US, with 8,133.46 tonnes in reserves in 2024. Germany has second largest gold reserves at 3,351.53 tonnes, followed by Italy (2451.84 tonnes), France (2436.97 tonnes), Russia (2335.85 tonnes).
China ranks sixth on the list of countries with the largest gold reserves, with 2264.32 tonnes of gold lying in reserve.