The gold mining industry is struggling to sustain production growth as deposits of the yellow metal become harder to find, said the World Gold Council.
According to data from the international trade association, mine production inched up only 0.5% in 2023 compared to a year ago.Dario Pignatelli | Bloomberg | Getty Images
"We've seen record first quarter mine production in 2024 up 4% year on year. But the bigger picture, I think about mine production is that, effectively, it plateaued around 2016, 2018 and we've seen no growth since then," WGC Chief Market Strategist John Reade said.In 2022, the growth was 1.35% year on year, the year before it was 2.7%, while in 2020, global gold production logged the first decline in a decade, sliding 1%.
New gold deposits are becoming harder to find around the world as many prospective areas have already been explored, he elaborated., and requires significant exploration and development, taking an average of 10 to 20 years before a mine is ready for production, according to WGC.
Gold / US Dollar Spot Business News
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold is getting harder to find as miners struggle to excavate more, World Gold Council saysThe gold mining industry is struggling to sustain production growth as deposits of the yellow metal become harder to find, said the World Gold Council.
Read more »
Cleveland City Council hires consultants to redraw ward boundaries; council will lose 2 membersInvestigative Reporter at News 5 Cleveland
Read more »
Greater Cincinnati council member removed from council following vandalism chargeMike Mains was accused of driving through a yard known for its toilet display and confederate flag.
Read more »
Two LA city council members nominate Marqueece Harris-Dawson council presidentPaul Krekorian plans to step down on Sept. 20 and is expected to leave City Hall at year’s end due to term limits.
Read more »
Gold Price Forecast: XAU/USD holds below $2,300 as China stops buying gold, US Dollar reboundsGold price (XAU/USD) trims losses near $2,295 despite the stronger US Dollar (USD) on Monday during the early Asian session.
Read more »
XRP Ledger Ready to Adopt Tokenized Gold, Silver in Q3, 2024Meld Gold brings Gold- and Silver-backed assets to XRPL in coming months
Read more »