What is said to be the world's largest gold deposit has been discovered in China, state broadcaster Xinhua News Agency said.
According to Reuters, gold reserves are worth 600 billion yuan, which is equivalent to $83 billion.
The discovery was made by geologists from the Hunan Provincial Geological Research Institute about 19 miles below the surface in Asia's Pingjiang County, Xinhua News Agency reported. New York Post.
The area where 40 gold deposits, totaling 300.2 tons of gold resources were discovered, is known as Wanggu Gold Field.
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Last month, gold reserves worth $83 billion were discovered in China. (Hong Woo)
According to Xinhua News Agency, the Hunan Provincial Geological Society predicted that there are more than 1,000 tons of gold reserves at a depth of more than 3,000 meters.
China is the world's largest gold producer, accounting for about 10% of global production in 2023, according to World Gold Council data.
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According to Reuters, the gold discovered in China last month is worth 600 billion yuan. (Andrei Rudakov/Bloomberg)
Prior to the discovery, the title of world's largest gold reserves had been given to the South Deep gold mine in Gauteng, Post Province, South Africa. Approximately 930 tons of gold are stored there.
In October, gold futures prices have risen more than 32% since the beginning of the year and more than 38% over the past year, hitting a number of all-time highs in the process.
A pile of gold bars in a vault compartment at the U.S. Mint in West Point, New York, June 20, 2006. (Daniel Barry/Bloomberg via Getty Images)
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One ounce of gold currently trades for around $2,674.
Investors turned to gold last year as a safe haven from a range of geopolitical risks, including the ongoing conflict in the Middle East and Ukraine. The direction of U.S. economic policy after the election, the Fed's interest rate cut plan and uncertainty surrounding long-term policy Growing national debt Investment in gold has also been strengthened.
FOX Business' Eric Revell and Reuters contributed to this report.
