China has announced the discovery of the largest gold deposit ever found in the country since 1949, with estimated reserves of 1,444 tonnes in Liaoning province. The discovery comes at a time when global gold prices are hitting record highs.

The Chinese Ministry of Natural Resources confirmed on Friday the identification of the Dandongou gold deposit, describing it as the biggest single gold find reported since the founding of the People’s Republic of China. According to officials, the deposit contains approximately 2.586 million tonnes of ore with an average grade of 0.56 grams per tonne, corresponding to around 1,444 tonnes of pure gold.

Based on current market prices, the total value of the deposit is estimated at over €166 billion, as gold has been trading above €115,000 per kilogram this year. The project was carried out by the state-owned Liaoning Geological and Mining Group, which mobilised nearly 1,000 technicians and workers and completed the exploration in an exceptionally short time frame for a deposit of this scale.

The ministry characterised the new find as a “super-sized” deposit, while noting that it is low-grade gold. Nevertheless, the initial economic feasibility assessment has already been completed. Authorities have not disclosed the exact location beyond stating that it lies in the eastern part of Liaoning province in northeastern China, fuelling speculation about strategic motives behind the limited disclosure.

The discovery comes amid a surge in global demand for gold. Prices have risen by more than 50% in 2025 alone, driven by a weaker US dollar, geopolitical tensions and increased purchases by central banks — particularly those in emerging economies seeking to diversify their reserves.

China has intensified efforts to explore and identify new gold deposits in recent years. In 2024, officials announced the discovery of a deposit exceeding 1,000 tonnes in Hunan province, as well as a smaller one of over 40 tonnes in Gansu in October. The country produced 377.24 tonnes of gold in 2024, marking a 0.56% increase compared to the previous year.

Domestic consumption reached 985.31 tonnes in 2024, with demand for gold bars and coins rising by more than 24% year-on-year. Analysts suggest this trend reflects growing interest from China’s middle class in safeguarding wealth amid global economic uncertainty, reinforcing gold’s status as a preferred safe-haven investment.