Gold News

Gold output falls again

Gold output has been found to have fallen again in the quarter ending March 2008, according to Statistics South Africa.

Official figures show that the production of gold from mines within the country fell by 10.9 per cent in March 2008 when compared with the same period the previous year.

The downturn in production has been blamed on the continuing problem of power shortages and persistent rainy conditions, which have hindered miners' abilities to get down the shafts.

Today's news may please investors in gold, who will no doubt have noted this downturn as part of a continuing trend of worldwide production decline.

Gold output in Africa fell by 29 tons in 2007, according to figures from GFMS. This was largely due to a reduction in South Africa, which is the world's second biggest gold producer after China.

This downturn could result in an increase in gold prices as demand for the precious metal begins to outstrip supply.

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