New gold deposits were recently discovered in China, potentially containing up to 1,000 tons of the precious metal. At current prices, the value of gold would be about $83 billion.
The find was recently disclosed by the Geological Bureau of Hunan Province. Interestingly, more than 40 gold veins (long, narrow mineralized zones within rock where gold is concentrated) that were discovered are less than 2,000 meters underground, experts say.
Data obtained after initial drilling , indicate the presence of more than 300 tons of gold at this depth. However, 3D modeling showed that another 700 tons of gold were present at a depth of 3,000 meters.
"Visible gold was found in many drilled rock cores," said Chen Rulin, an expert at the bureau, adding that a ton of ore at a depth of 2000 meters contained a maximum of 138 grams of precious metal.
The world's largest gold reserves
By According to the World Gold Council, the world's largest gold reserves belong to the United States - 8,133.46 tons, followed by Germany (3,351.53 tons), Italy (2,451.84 tons), France (2,436.97 tons), Russia (2,335.85 tons), China (2,264.32 tons), Japan (845.97 tons), India (840.76 tons), the Netherlands (612.45 tons) and Turkey (584.93 tons).
Record demand
World Gold Council Q3 2024 Gold Demand Trends Report shows total gold demand rose 5 percent year-on-year to 1,313 tonnes, a record in the third quarter. Total demand topped $100 billion for the first time ever, supported by strong investment amid record-high prices.
Global investment demand more than doubled year-on-year to 364 tonnes, driven by shifts in demand for gold ETFs. primarily from Western investors. Globally, ETFs added 95 tonnes, their first positive quarter since Q1'22. Demand for bars and coins fell 9 percent, but the year-to-date total remains strong at 859 tons, compared to the 10-year average of 774 tons.
“The third quarter saw an increase in investment and OTC activity, which contributed to increased global demand for gold and higher prices. While the higher gold price has reduced demand in most consumer markets, import duty cuts in India have kept demand for jewellery, bars and coins at unusually high levels amid record prices,” said Louise Street, senior markets analyst at WGC .
