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China became the world's biggest producer of gold last year, overtaking South Africa, which held top spot for 100 years, independent precious-metals consultancy GFMS said on Wednesday. Meanwhile, the price of gold was on course to reach a record high of $1 100 an ounce in 2008, the group added in its latest annual <i>Gold Survey</i>.
"We have to start viewing $1 000 as a clear possibility for later this year," precious-metals consultancy GFMS said on Thursday. Releasing its <i>Gold Survey 2007: Update 2</i>, the consultancy projected an average gold price of $840 an ounce over the first half of 2008 with further increases possible later in the year.
Emerging global superpower China has dethroned South Africa as the world's largest gold producer after 102 years of holding the prestigious title, precious metals consultancy GFMS said on Thursday. GFMS executive chairperson Philip Klapwijk drew attention to this historic event at the launch of GFMS's <i>Gold Survey 2007 -- Update Two</i>.
Gold is on course to close 2007 at least $100 higher, setting the yellow metal up for its seventh consecutive year of gains in 2008. An ounce of gold cost $629,80 at the start of 2007 and was trading close to $800 an ounce by mid-December after touching $841,10 in November â€“- its highest level since 1980.
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