India’s neighbour hits jackpot as it discovers 2000 tonnes of gold worth Rs…; not Pakistan, Nepal

A huge gold reserve was recently discovered in central China’s Hunan province. Reports suggest that this gold mine may have a gold reserve of 1000 metric tons. The price of this gold is said to be USD 83 billion. If proven, these deposits could be among the largest in the world. It could even surpass the largest known gold deposit in South Africa. China is already among the largest producers of gold in the world. If confirmed, the discovery of gold will make it richer. It currently falls behind countries such as South Africa, Australia and Russia in proven gold mine reserves.

Last year in November, the discovery of the first deposit in central China grabbed the headlines when Hunan province’s geological bureau announced it had found a super-large gold deposit with estimated reserves of more than 1,000 tonnes of gold. According to the South China Morning Post, this latest find spans an area of over 3 km by 2.5 km. Early estimates suggest that the deposit could contain a jaw-dropping 1,000 metric tonnes of gold, a find potentially worth billions. With gold prices soaring, the discovery could significantly boost China’s mining industry and reshape global gold markets.

Meanwhile in India, gold prices rose by Rs 70 to hit yet another record high of Rs 98,170 per 10 grams in Delhi on Thursday amid firm global demand, according to the All India Sarafa Association. On Wednesday, the precious metal of 99.9 per cent purity soared by Rs 1,650 to hit an all-time high of Rs 98,100 per 10 grams. Gold of 99.5 per cent purity increased by Rs 70 to touch a fresh peak of Rs 97,720 per 10 grams against Wednesday’s closing level of Rs 97,650 per 10 grams.

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