When gold goes wild: India to announce record of 5,300 tonnes this year
A record 5,299 tonnes of gold was discovered by India in the last week, the government said on Monday, with the country’s gold mining boom expected to continue for months.
The government said the discovery of gold in western and eastern India, which has been one of the world’s largest gold-mining nations, marked a new milestone for the country.
Gold miners were able to mine gold at the rate of 0.9 tonnes per day, more than a quarter of the 2,200 tonnes recorded in 2014.
In western India, where gold was once a scarce commodity, mining has become more lucrative since gold prices soared in 2015.
India’s gold mines are the largest in the world and the country has a gold mining industry worth $1.3 trillion.
Gold is also a precious metal, and the price has soared over the last decade.
Gold prices are rising because of a surge in demand, and there is a glut of gold to mine, but the demand is not strong enough to satisfy miners’ needs.
The country has already been in the gold-market surplus since December, when it exported 1,853 tonnes of the metal, according to the countrys central bank.
India is the biggest exporter of the precious metal to the rest of the developed world, with China and India the biggest buyers, the country reported.
India was one of only three countries to be declared gold-free in 2016, and has the world gold reserve of 1,094 tonnes, according the World Gold Council.
India has also become the world leader in gold mining.
Gold mining in India has become a lucrative business, with mining companies employing thousands of people.