SMM: thanks to the sharp rise in gold prices, the situation of global gold producers has also greatly improved., Metals Focus believes that global gold mining production will hit a new high next year.
Global gold mine production will reach 3368 tons this year, down 4.6 per cent from last year and the lowest level in five years, the bank said. But gold mine production is expected to rise 8.8 per cent to 3664 tonnes next year, a new record.
But aggregate gold demand will fall 25 per cent to about 3000 tonnes this year and rise by about 17 per cent next year.
Affected by the epidemic, many gold mines around the world have to stop work, and the demand for gold ornaments has also been suppressed. On the other hand, due to increased market uncertainty, a large number of investors turned to gold to seek safe havens.
Gold prices have risen sharply this year, hitting an all-time high of around $2060 an ounce in August.
The bank expects the average price of gold to be above $2000 next year.
In addition, global miners earned an average of $739 per ounce of gold in the second quarter, up from $350 in the middle of last year.
