In the midst of a global recession, the continuous rise in the price of gold is good news for producing countries. The rise in price, combined with mergers between mining companies, is expected to lead to an increase in global production by 2029. According to a report by Fitch Solutions, it will grow by 106 million ounces (3,260 tonnes) this year to 133 million, an average annual growth of 2.5%.
In the meantime, the cards between major producing countries will be reshuffled. China's number one production is expected to stagnate over the next decade due to stricter environmental regulations and the closure of several smaller, less profitable mines.
Read also: Why is gold soaring?
Russia could take the first place, thanks to an average annual growth of 3.7%, forecasts Fitch Solutions. Moscow is, in fact, anxious to develop its production to increase the reserves of its central bank and thus depend less on the US dollar.
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