China has the world’s largest gold deposit worth $83 billion.

Which is being described as the largest gold reserve in the world. found in China, said the official outlet Xinhua News.

According to Reuters, the gold reserves are worth 600 billion yuan, which is 83 billion US dollars.

The discovery was made by geologists with the Hunan Provincial Geological Institute about 12 miles below the surface in the Asian country’s Pingjiang County. The New York Post.

The area is known for its discovery of 40 gold ore veins with a total gold resource of 300.2 tonnes. Vango Goldfield.

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According to Xinhua, the Hunan Academy of Geology has predicted that there are more than 1,000 tons of gold deposits at a depth of more than 3,000 meters.

China is the world’s largest gold producer, accounting for about 10 percent of global production in 2023, according to data from the World Gold Council.

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Prior to the discovery, the South Deep Gold Mine in South Africa’s Gauteng Province held the title of largest gold deposit in the world, Post says. It contains about 930 metric tons of gold.

In October, gold futures rose more than 32% year-to-date and more than 38% over the past year, setting multiple new all-time highs in the process.

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An ounce of gold is currently going for around $2,674.

A number of geopolitical risks, including the ongoing conflicts in the Middle East and Ukraine, have led investors to turn to gold as a safe haven. Uncertainty surrounding the direction of US economic policy after the election, as well as the Fed’s rate cut plans and longer-term pace Rising national debt Investment in gold has also strengthened.

Eric Revell of Fox Business and Reuters contributed to this report.