Nov 26 (LTIT) ¨C The latest industry report published by Fitch Solutions foresees robust growth in global gold output in the coming years, mainly driven by Russia and Australia. The report cites higher gold prices and merger of key gold mining majors as other catalysts for projected gold output growth.
According to Fitch report, the global gold production is expected to record average annual growth of 2.5%. It sees global gold production at 134 million ounces by 2029, as compared with 106 million ounces in 2020. It must be noted that the gold output growth had averages only at around 1.2% during 2016-¡¯19.
Fitch forecasts stagnant gold production in China during 2020-¡¯29. The annual growth rate is predicted at 0.2%.
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