(Kitco News) - Australian gold companies took advantage of higher gold prices as production increased in the final three months of 2024, according to the latest data from Melbourne-based gold mining consultants Surbiton Associates.
The firm said that domestic gold production totaled 79 tonnes in the final quarter of the year – an increase of six tonnes from the previous quarter – with an average gold price of A$4,075 an ounce. Australia saw an annual production of 296 tonnes, valued at A$34 billion.
“In Australia, many gold treatment plants are working at or above capacity, with stockpiles also being drawn down,” the firm said in the report.
Dr. Sandra Close, a director of Surbiton Associates, said that Australia’s gold industry continues to benefit from global economic uncertainty. Broad-based demand for safe-haven assets has driven gold prices to record highs against almost all major currencies, including the Australian dollar.
“The uncertainty in the first quarter of 2025 is even greater, now that President Trump has taken office,” Close said. “His executive orders, tariffs, backflips, and behaviour have resulted in further concerns and further increases in gold prices, both in U.S. dollar and Australian dollar terms.”
Close noted that the global gold market will continue to play an important role for Australian gold miners, as the nation remains one of the world’s top gold producers.
“Annual Australian gold production remains at around the 300-tonne-a-year mark and is now worth about A$45 billion at the present gold price,” Dr. Close said. “The Australian gold industry needs to promote itself both to the Australian public and to their politicians, as this is a very important industry.”
