These countries have become rich by selling gold

gold prices are increasing in India. The rate of 24 carat gold has reached around one lakh. gold has proved to be an ideal option to protect against inflation in the last few years. Whether the prices rise or fall, gold has emerged as an important investment among investors. Not only india but many big countries of the world produce hundreds of tons of gold every year and they have become rich by selling gold. Let us tell you about these countries and also tell which country produces how many tons of gold.

Importance of gold

gold is not only a precious metal, but also a major pillar of international trade and financial stability. In the 1800s and 1900s, gold used to be an integral part of the global economy, at that time many countries had linked their currency to gold reserves. But even today the importance of gold has not decreased, but is increasing. Even today, gold is seen as a safe and stable reserve, especially during economic instability. When the economy of a country is in crisis, gold reserves strengthen its global credibility.

Countries producing the most gold

Talking about the countries producing the most gold, the first name in this list is China. china has been considered the largest consumer of gold in the world for about a decade and it produces about 368.3 tonnes of gold every year. china is considered the largest gold producing country in the world.

russia comes next. russia produces 331.1 tonnes of gold every year. In the year 2019, russia surpassed australia to become the second largest gold producing country in the world.

After russia, australia is the third largest gold producing country. australia has increased its production by the year 2021. It produces about 327.8 tonnes of gold in the country.

America is at number four. America has become rich by producing about 190.2 tonnes of gold every year. In 2021, the state of Nevada contributed 80% to the country’s gold production. The country’s net gold exports were about $9 billion.

canada is at number five. canada had 170.6 tonnes of reserves in 2020 with a production value of $12.3 billion. As of december 30, 2020, canada exported 6.5 million ounces or 70% of its gold to the United Kingdom, worth $23.7 billion, up 6% from $22.3 billion the previous year.

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