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For both years, China maintained its gold production at 380 tons to rank top. Australia ranks second after mining 320 tons of gold in 2020, while in 2019, the amount was at 325 tons.

Russian was the third-highest producer last year at 300 tons, dropping from 325 tons mined in 2019.

The United States emerged fourth with 190 tons mined in 2020, while in 2019, the country produced 200 tons. Canada capped the top five spots with 170 tons in 2020, while in 2019, the figure was at 175 tons.

Ghana mined 140 tons last year, a slight drop from 2019's 142 tons. Elsewhere, Indonesia mined 130 tons of gold in 2020, while the previous country produced 139 tons.

Peru ranks eighth, having mined 120 tons in 2020, and in 2019, the country produced 128 tons. Kazakhstan mined 100 tons last year, while in 2019, the amount was at 107 tons. Mexico ranks tenth with 100 tons of mined gold in 2020, while in 2019, the figure was at 111 tons.

The analysis delves into driving factors behind 2020 gold production. According to the report: "The year was also characterized by gold hitting a record high price in August. The new price level meant that profits for miners would also be high. Possibly, this might be a motivating factor that fuelled more mining activities during Q3 and Q4 as producers made efforts to reap. Although gold prices hit a record high, this doesn't automatically translate into a rise in gold mining activity. Furthermore, a new all-time high price increased the demand for the precious metal as consumers shifted to focus on long-term investments as a store of value."