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China Gold Reserves: In a major discovery that could potentially affect gold prices worldwide, China has reportedly discovery over 2000 tons of gold reserves in Hunan province in the last 3 months. According to reports in Chinese state media, the discovery was made using 3D mapping technology, and a team of senior Chinese officials has been tasked with investigate the gold mines to determine the exact amount and other details of the find.
The development amid soaring gold prices in India, with 10gm of 24 carat gold costing Rs 90,000.
Meanwhile, 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.
According to a scientist involved with the finding, 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.
As per Chinese geologists, the two mines are located in Hunan and Liaoning provinces, where small gold reserves were also discovered previously.
Notably, China is world’s largest gold producer, churning out 378.2 tonnes of gold in 2023, followed by Russia (321.8 tonnes), Australia (293.8 tonnes) Canada (191.9 tonnes), and United States (166.7 tonnes), in 2023, as per the WGC report.
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.
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