Kathmandu. The price of gold has increased this year. Due to the ongoing unrest in many countries of the world, investors are turning to gold as a safe haven.
In addition, central banks in many countries have made significant purchases of gold in the last few years. As a result, the price has gone up. The price of gold has crossed $ 4,300 per ounce. Goldman Sachs estimates that prices could reach $4,900 per ounce by December next year.
It is estimated that 216,265 tons of gold have been extracted worldwide and only 64,000 tons remain in the mines. Russia and Australia, which are at war with Ukraine, have the largest unexplored gold reserves. Both countries have 12,000 tonnes of unexplored gold reserves. South Africa is third on the list. The known reserves are 5,000 tons. Indonesia has 3,800 tonnes and Canada has 3,200 tonnes of unexplored gold reserves.
China has 3,100 tonnes of gold reserves. The US central bank has the world’s largest gold reserve of 8,133 tonnes. But it has 3,000 tons of gold in the mine. The other countries are Peru (2,500 tonnes), Brazil (2,400 tonnes), Kazakhstan (2,300 tonnes), Uzbekistan (1,800 tonnes), Mexico (1,400 tonnes), Ghana (1,000 tonnes), Mali (800 tonnes), Colombia (700 tonnes) and Tanzania (400 tonnes).
China is the leading producer of gold. China’s gold production in 2023 was 378.2 tons. Russia was second with 321.8 tons. In 2023, Australia produced 293.8 tonnes, Canada 191.9 tonnes, the United States 166.7 tonnes, Ghana 135.1 tonnes, Indonesia 132.5 tonnes, Peru 128.8 tonnes, Mexico 12.6 tonnes and Uzbekistan 119.6 tonnes. Central banks around the world have bought more than 1,000 tonnes of gold in the last three years.
