Editor’s Note
Global gold production is on pace for a record year in 2025, according to new data from the World Gold Council. This brief overview highlights the key figures driving this projected growth.
According to the World Gold Council (WGC), mined gold production is on track to set a new record in 2025. Data from the first three quarters of this year shows a significant increase, with total production reaching 2,717 tonnes, which is 16 tonnes higher than the same period last year.
Several factors are driving this expansion. Improving profit margins for producers is a key element, along with new mining projects, particularly in Canada. Operational expansions in other regions and increased production from artisanal and small-scale gold mining (ASGM) activities are also contributing significantly to the global supply.
Despite the positive momentum, some obstacles remain. International sanctions could hinder the development timelines of some projects. Additionally, suspensions at several major operations have already impacted global production and may continue to limit growth during 2025. This is occurring after a period of relative stability, where despite short-term disruptions from the pandemic and industrial actions, mined gold production saw near-zero year-on-year changes between 2018 and 2024.
In 2024, mined gold production reached 3,645 tonnes, a marginal increase of 4 tonnes compared to the previous year, and just slightly below the 2018 peak of 3,658 tonnes. Amid soaring gold prices, the increase in production has been modest, raising questions about the industry’s capacity constraints. The WGC, in conjunction with Metals Focus analysis, forecasts a gradual stabilization in global mined gold production over the next few years, rather than a sudden sharp rise and fall. While new projects and expansions are expected to provide ongoing support, declining ore grades, operational disruptions, and rising capital expenditure costs for miners could limit potential production gains.