The World Gold Council reports that the gold mining sector is struggling to maintain production growth due to difficulties in finding new deposits.

Despite a 4% increase in first-quarter production in 2024, overall mine production has plateaued since 2016-2018.

John Reade, Chief Market Analyst, highlighted that after a decade of rapid growth starting in 2008, the industry is now finding it harder to sustain production.

Additional challenges include obtaining government permits and the high costs of developing infrastructure in remote areas.

As a result, with rising demand and limited supply, gold prices have the potential to reach new record highs.