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Gold February 07, 2019 04:30:39 PM

World Gold Supply Rose Marginally by 1% in 2018

Paul Ploumis
ScrapMonster Author
The global gold mine production hit a new record high of 3,347t in 2018, marginally higher by 1% over the year.
World Gold Supply Rose Marginally by 1% in 2018

SEATTLE (Scrap Monster): The total supply of gold edged higher marginally in 2018, says the latest Gold Demand Trends Report published by the World Gold Council (WGC). The supply was up marginally by 1% from 4,447.2t in 2017 to 4,490.2t in 2018. The increased mine production and recycled gold contributed to the marginal growth.

The global gold mine production hit a new record high of 3,347t in 2018, marginally higher by 1% over the year. The mine production recorded the tenth straight year of growth. The last quarter output declined when compared with the prior quarter. The quarterly production had hit record in Q3 ’18.

The Chinese gold production witnessed a decline of 9%, mainly on account of the stricter environmental regulations imposed by the country’s administration. The closure of certain loss-making mine projects led to 18% year-on-year decline in gold output by South Africa in 2018. Local protests and production declines were the key reasons behind the sharp 9% decline in gold output in Peru.

ALSO READ: Robust Central Bank Buying Boosts Gold Demand by 4% in 2018

On the contrary, Australian mine production got a boost from record local gold prices. The mine production by the country was up by 4% over the previous year. The Russian gold output surged 10%, backed by state incentives announced by the government. The other key gold producers to report growth in output were Papua New Guinea, Burkina Faso and Ghana.

The supply of recycled gold rose marginally by 1% to 1,172.6t in 2018. The largest gold recycling markets were Turkey and Iran. The western markets reported stable gold recycling levels during the year.

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