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Wednesday, 23rd January 2008 (4994 views)

Gold mining will remain strong worldwide this year, as demand for gold as an investment increases, according to an industry report.

The National Mining Association's 2008 outlook predicts that a weak dollar, fears over inflation and financial instability will fuel demand from investors and help gold miners build on 2007's global production rates.

Other factors such as demand for jewellery, which accounts for 60 per cent of gold consumption, would also keep prices high and drive mining, the report said.

According to figures from precious metals consultant the Gold Fields Mineral Service (GFMS) quoted in the report, gold production is expected to increase by two per cent worldwide in the first half of 2008.

The prediction follows increased gold mining in 2007 for several countries, including Brazil, Indonesia, Ghana and China, which recently ended South Africa's 102-year reign as the world's biggest gold producer.

 

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