Top 5 Gold Producing Countries in the World

2. Russia

Gold production in 2021 (in tonnes): 330.9

Russia’s invasion of Ukraine has resulted in massive sanctions on the country by Western nations, which is not good news for the gold industry considering that Russia is the second-biggest producer of gold. In 2022, the country bought a record number of gold bars, purchasing over 50 tonnes, ten times greater than the year before. Its central bank claimed recently that its gold bullion holdings jumped by over 1 million ounces in the past one year.