Gold prices might drop to $370 per oz in the near future, Viktor Ivanov, the aide of the head of the Russian union of gold producers, told RBC. According to him, the growth in gold prices on the London market of precious metals will cease soon because there will be no considerable purchases of gold fields. However, if gold prices remain at about $370, this will positively influence the development of the gold producing industry in Russia.
Russia's gold production amounted to 58.076 tons in the first half of 2003. Last year some 170.872 tons of gold were produced, according to the Russian union of gold producers.