The Chinese government has discovered gold reserves worth 83 billion dollars in Hunan province.

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A gold reserve worth 600 billion yuan (82.9 billion dollars) has been found in China's central Hunan province.

According to data from the World Gold Council, China, which accounted for approximately 10% of global production in 2023, is the world's largest gold producer. The country consumed 741,732 metric tons of gold in the first three quarters of this year, while its production was 268,068 tons. This situation highlights the dependence on imports to meet domestic demand.

DISCOVERED AT 2000 METERS

The Hunan Geological Academy identified more than 40 gold ore veins at depths exceeding 2,000 meters in Pingjiang County. A total of 300.2 tons of gold resources were discovered in the main research area, with the highest grade determined to be 138 grams per metric ton.

The institution predicts that there are more than 1,000 tons of gold reserves at depths exceeding 3,000 meters.

RISK APPETITE DRIVES UP GOLD PRICES

Gold reserves generally refer to the economically extractable portion of a resource. Due to increasing geopolitical tensions globally, gold prices have risen this year.

The most active gold futures contract on the Shanghai Futures Exchange reached an all-time high of 639.48 yuan per gram on October 30. Closing the daytime session on Thursday at 617.7 yuan per gram, gold showed a 1.16% increase, gaining 27.8% in value since the beginning of the year.