Indonesia, Southeast Asia's Largest Gold Reserves Country
Earlier this year, the United States Geological Survey (USGS) released Mineral Commodity Summaries 2023 report, one of which discussed the countries with the largest gold reserves in the world in 2022. Of the 20 countries listed in the report, only Indonesia is from Southeast Asia.
The USGS report states that reserves represent the amount of resources that can be economically mined and produced. Australia has the largest gold reserves in the world in 2022, with 8,400 tons recorded in data from the United States Geological Survey (USGS). This total far exceeds the gold reserves of any other country, as shown in the chart.
On the other hand, Indonesia itself has gold reserves of around 2,600 tons, which places it 6th on the list of countries with the largest gold reserves in the world. This number also makes Indonesia the country with the largest gold reserves in Southeast Asia.
In addition to the countries mentioned above, there are several other countries that are among the world's largest gold producers, but whose reserves are not yet known for certain. These include Burkina Faso, Colombia, Sudan, and Tanzania.
According to United States Geological Survey (USGS) estimates, global gold production reached 3,100 tonnes in 2022, an increase of 0.3% compared to 2021 ((year-on-year/yoy).
In 2022, China became the largest gold-producing country in the world with a total production of 330 tons. Although Australia has the largest gold reserves, its production volume is still less than China's at 320 tons.
According to the USGS, most of the world's gold is used for jewelry (47%), followed by central banks and institutions (20%). Other uses include bullion (17%), coin and medal production (9%), electronic manufacturing (6%), and other industrial production (1%).
The USGS noted that global gold consumption increased by 18% in the first nine months of 2022 compared to the same period a year earlier. This increase was mainly due to an increase in gold purchases by central banks in various countries, use for jewelry, and production of coins and medals.
However, the use of gold for the production of electronic devices and bullion declined in the first nine months of 2022. The USGS also noted that global investment in gold-based trade also decreased during the same period, as mentioned in the Mineral Commodity Summaries 2023 report.
Source: Katadata.co.id | usgs.gov
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