Xinhua News Agency reports the discovery of what is believed to be the world’s largest gold deposit.

Reuters estimates the gold reserves at 600 billion yuan, equivalent to $83 billion USD.

Geologists from the Hunan Provincial Geological Institute unearthed the deposit approximately 12 miles beneath Pingjiang County, China.

The discovery comprises 40 gold ore veins containing a total of 300.2 tons of gold.

The Hunan Academy of Geology projects reserves exceeding 1,000 tons at depths greater than 3,000 meters, according to Xinhua.

China, the world’s leading gold producer, accounted for about 10% of global gold output in 2023, according to the World Gold Council.

Previously, the South Deep gold mine in South Africa held the title of world’s largest gold reserve, with approximately 930 metric tons of gold.

Gold futures prices surged over 32% year-to-date and more than 38% in the past year by October, reaching numerous record highs.

The current price of gold is nearly $2,674 per ounce.

Geopolitical uncertainties, including conflicts in the Middle East and Ukraine, and economic anxieties concerning U.S. policy, Federal Reserve actions, and long-term economic trends, have driven increased investment in gold as a safe haven.

FOX Business’ Eric Revell and Reuters contributed to this report.