According to the World Gold Council, less gold was mined across the globe in 2019 compared to 2018. In China – the world's leading gold-mining country – the output has been decreasing for three years straight.
The WGC's annual gold market report stresses that last year's decrease in production is the first one since 2008. The report cites figures for all the segments of the market, including mining, demand, and refining. The data for the report comes from market research conducted by Metal Focus and GFMS.
The report states that global gold output fell by 1% last year – from 3509.3 tons to 3463.7 tons. It was accompanied by a significant increase in prices: gold grew by +18% in USD and by 22% in euro. Thanks to the strong prices, mining companies can afford to invest in less accessible production sites.
In Q4 2019, global production fell by 2% to 889.5 tons – the lowest quarter result since 2016. The WGC points out that year-on-year output decreased in every quarter of 2019.
It's worth pointing out that the opposite happened in some countries. For instance, in Russia, the production of gold grew by 8% compared to 2018, mostly due to the launch of several new sites. Australia mined 3% more on existing sites, while Turkey managed to increase its output by a record 66%. China, which is the world's largest producer, saw its production fall for the third year in a row, this time by 6%.
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