April 10, 2008	Thursday	Rabi-us-Sani 3, 1429

LONDON, April 9: China became the world’s biggest producer of gold last year, overtaking South Africa which held top spot for 100 years, the independent precious metals consultancy GFMS said here on Wednesday.

Meanwhile the price of gold was on course to reach a record high of $1,100 an ounce in 2008 amid global financial turbulence, the respected research group added in its latest annual Gold Survey.

“Global mine production fell by a slight 0.4 per cent in 2007 to an eleven-year low,” GFMS said in its report published on Wednesday.

“Africa saw the heaviest regional drop at 29 tons — chiefly due to South Africa — while output in North America and Latin America also fell.

“In contrast, Asia saw gains, centred on Indonesia and China, with the latter becoming the world’s leading gold producer in 2007,” it added.

—AFP