DIGIVESTASI - Gold prices continue to break records as market participants move their assets to lower-risk and safer assets. This situation leaves the country with the world's largest gold reserves with no opportunity to maximize its production levels.  Gold prices rose 0.9% to $2,399.80 at the close of trading this Friday (April 19, 2024), according to Refinitiv data.

Gold prices hit a record high at the close of trading yesterday. Over the course of 2024, gold prices have risen by 16.5%. So which countries have the highest gold reserves in the world? Is the Republic of Indonesia (RI) included in the list?

According to data from the United States Geological Survey (USGS), there are 59,000 tons of gold, or its chemical name aurum (Au), in reserves worldwide. Global gold production is expected to reach 3,000 tons in 2023, down 60 tons compared to 2022.

Here is a complete list of the world's largest gold-producing countries based on the following sources: Indonesia is the country with the largest gold reserves, ranking 6th with 2,600 tons. In terms of production, Indonesia ranks 8th with 110 tons produced in 2023.

Indonesia is one of several major gold mining centers. One of the largest is the Grasberg Mining District, a joint venture between Freeport-McMoRan and state-owned Asahan Aluminum.

According to Hitungme, Indonesia's gold reserves are equivalent to 91,712,301 troy ounces. Based on CNBC Indonesia research team calculations, Indonesia's gold reserves are equivalent to USD 218,160,636,004 or Rs 3,544,019,531,880,920. (Exchange: Rp.16,245/US$)

Australia is the country with the largest gold reserves in the world at 12,000 tons. According to Nasdaq, Australia plays an important role in the global supply of the yellow metal. This will contribute A$24 billion to the Australian economy by 2022/2023.

According to the US Geological Survey, Russia has gold reserves of 11,100 tons, making it the country with the second largest gold reserves after Australia. However, despite its high production and reserves, Russian gold has struggled to enter the global market since the invasion of Ukraine in February 2022.

In response, Russian airlines are looking for alternative markets, especially in BRICS countries and other Asian countries such as Kazakhstan. 
In third place is South Africa, with an estimated one-tenth of the world's gold reserves located in the country, and the Witwatersrand Basin being one of the largest gold reserves in the world.

The United States ranks fourth with estimated gold reserves of 3,000 tons. According to Nasdaq, nearly a quarter of undiscovered gold resources are in porphyry copper deposits. China also has the fourth largest gold reserves, alongside the United States, at 3,000 tons. In addition, the Central Bank of China is the largest buyer of the precious metal, adding 225 tons to its coffers so far this year, bringing the total to 2,235 tons.