China would probably overtake the US as the world’s second-biggest gold producer this year and is moving closer to ending South Africa’s century-long dominance in the mining of the precious metal, according to the China Gold Association.

The strength of Chinese gold production comes as bullion on Tuesday hit a fresh 28-year high above $820 an ounce, nearing its all-time high of $850 an ounce reached in January 1980.