“Gold traded at $650.10 a troy ounce, helped by strength in the oil market. South Africa’s gold output fell by 8.9 per cent year-on-year in January, continuing its weak run. Last year, South Africa’s gold output sank to its lowest level since 1922 as the average grade of ore mined continued to decline. The industry is being forced to mine at ever greater depths and higher temperatures as established resources become exhausted.”
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