Global Gold Output Predicted to Surge by 2.5% Until 2029

SEATTLE (Scrap Monster):  The latest report published by Fitch Solutions foresees 2.5% average annual growth in global gold production over the period from 2020 to 2029. The gold output is predicted to increase from 106 million ounces (Moz) in 2020 to 133 Moz by 2029. It must be noted that global gold production had recorded average growth of only 1.2% during 2016-’19.

The production surge will be led by Russia, whose gold output is expected to jump from 11.3 Moz in 2020 to 15.5 Moz in 2029. This translates to average annual growth rate of 3.7%. The country would account for nearly 11.6% of the global gold output by 2029 and will overtake China as the world’s largest gold miner. The Russian production growth will be driven by central bank’s desire to increase its gold holding coupled with nearly 21 new mining projects that are expected to go online during this period.

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Meantime, the Chinese gold production is expected to remain steady during the next ten-year period. Fitch Solutions foresees average annual growth rate of 0.2%, significantly lower when compared with the rate of 3.1% in the prior decade.

The gold production in Australia is expected to touch 14.2 Moz by 2029, as compared with 11.7 Moz in 2020, recording an annual average growth rate of 2.2%, said Fitch report.