According to the latest report from Surbiton Associates - a gold mining consulting firm in Melbourne, gold mining companies in Australia have boosted production in the last three months of 2024 to take advantage of high gold prices.
The report said that domestic gold output reached 79 tons in the last quarter of the year, up 6 tons compared to the previous quarter, with an average price of 4,075 AUD/ounce. Total gold output for the year reached 296 tons, worth about 34 billion AUD.
In Australia, many gold processing plants are operating at their peak or beyond capacity, and inventories are also declining, the report said.
Ms. Sandra Close - Director of Surbiton Associates - commented that the Australian gold industry continues to benefit from global economic instability. The high demand for safe-haven assets has pushed gold prices to record highs against most major currencies, including the Australian dollar.
The unrest in the first quarter of 2025 is even greater, especially after US President Donald Trump took office.
His executive decrees, tariffs, unexpected changes and governance have raised concerns, pushing gold prices higher in both the US and Australia, Close said.
Ms. Close emphasized that the global gold market still plays an important role for the Australian gold mining industry, as the country maintains its position in the group of leading gold producers in the world.
Australias annual gold production remains steady around 300 tonnes and is currently worth around AUD45 billion at current gold prices.
The Australian gold industry needs to be promoted more widely to the public and policymakers, as it is a very important industry, said Ms Close.
Important economic data for the week
Tuesday: Number of US job positions (JOLTS).
Wednesday: US consumer price index (CPI), monetary policy decision of the Bank of Canada.
Thursday: US Producer Price Index (PPI), weekly jobless claims.
Friday: University of Michigan Preliminary Consumer Confidence Index.
