The General Director “Polymetal” expects the growth of gold prices to $1,300 per ounce

The General Director “Polymetal” expects the growth of gold prices to $1,300 per ounce


In 2016, the decline in production will continue and gold prices will rise, said General Director of the mining company “Polymetal” Vitaly Nesis.

MAGADAN, 14 Mar. Lyudmila Shcherbakova. The price of gold in the coming years will grow to $ 1,300 per ounce, said at a press conference on Monday the General Director of the mining company “Polymetal” Vitaly Nesis.

“My Outlook for gold is optimistic. We have already started to see in the last quarter of the previous year in the scale of the worldwide industry trend towards reduced production, while quite weak. I think in 2016 this trend will develop. In the world gold production will fall modestly, maybe by 2-3%. Well, next year I expect a significant drop in production in the world more than 5%,” said Nesis.

“Yes, of course, the only question is when,” he replied to the question, will the price of gold mark 1300 dollars.

He also explained that the increase in the price of gold will affect the reduction at a sufficiently stable demand, particularly in Asia.

As at 10.43 Moscow time on Monday the price of April futures for gold on the new York stock exchange Comex fell by 3.3 million, or 0.26% to 1256,1 dollars per Troy ounce.