In China, the largest gold deposit in the world worth $83 billion was discovered.

According to Xinhua news, the largest gold deposit in the world has been discovered in China.

According to Reuters, the value of gold reserves in yuan is 600 billion, which translates to $83 billion in the U.S.

Geologists from the Hunan Provincial Geological Institute made a discovery 12 miles beneath the surface in Pingjiang County, Xinhua reported, as per the New York Post.

The Wangu goldfield is the location of the discovery of 40 gold ore veins containing a total of 300.2 tons of gold resources.

According to Xinhua, the Hunan Academy of Geology predicted that there were over 1,000 tons of gold reserves at a depth of over 3,000 meters.

In 2023, China was the world's largest gold producer, contributing approximately 10% to the global output, according to the World Gold Council's data.

The largest gold reserve in the world was previously believed to be at the South Deep gold mine in Gauteng Province, South Africa, with a reserve of approximately 930 metric tons of gold.

Gold futures prices had increased by more than 38% in the past year and over 32% year to date, reaching multiple new all-time highs.

One ounce of gold is currently going for nearly $2,674.

Gold has been sought after by investors as a secure investment option due to various geopolitical risks, including the ongoing conflicts in the Middle East and Ukraine. Additionally, uncertainty surrounding the U.S. economic policy after the election, the Fed's rate-cutting plans, and the long-term trajectory of the growing national debt have also contributed to the increase in investment in gold.

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