Industry Trend Analysis - Gold: Modest Growth Ahead - NOV 2017

BMI View: The global gold mining industry will experience steady production growth, supported by rising prices and improving operational costs over the coming years.

Global gold mine output growth will pick up over the coming quarters, supported by higher gold prices. We forecast global gold production to increase from 103moz in 2017 to 114moz by 2021, averaging 2.7% annual growth. While a steady pace of growth, this represents a slight deceleration in growth rate compared with the previous five-year average of 3.1%. We expect gold prices to continue to head higher, averaging USD1,250/oz in 2017 and USD1,350/oz in 2018.


Top Countries Respond To Price Recovery
Select Countries - Gold Mine Production & Global Gold Production (moz)
e/f = BMI estimate/forecast. Source: National Sources, USGS, BMI

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