17/03/2012 05:01 AST

Supply constraints remain a fundamental support for gold, said Sharps Pixley in a briefing.

A steep fall in January production from South Africa and note that the South Africa Chamber of Mines' expected 2012 output of 220 metric tons takes the country back to the level achieved in 1922, they added.

According to Sharps Pixley , the country's share of the world gold market has fallen significantly in the last four year decades because of maturing old mines, rising costs and safety issues related to deeper and deeper deposits.

Sharps Pixley also cited that a pair reports made at the recent conference of the Prospectors and Developers Association of Canada--one saying the size of new deposits and quality/grade are declining, and another saying the gestation period between discovery and first production has reached 14 years.

"Therefore, the long-term supply outlook will continue be constrained which is a key fundamental support factor for gold price," Sharps Pixley concluded.


Commodityonline

Ticker Price Volume
(In US Dollar) Change Change(%)
Gold 3,294.4 20.7 0.63
Silver 35.85 -0.19 -0.51
Platinum 1,333 -10.5 -0.78
Palladium 1,100 -36 -3.17
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