Australia’s gold production has reached a new record this year, solidifying its position as a leading gold producer.
Despite the increase, Australia remains the world’s third-largest gold producer, behind China and Russia.
At the start of this year, the average price of gold in Australia was reported at $5223 per ounce.
The price of gold saw a 7.4% rise in April, reaching $5382.
Analysts forecast that gold prices in Australia will rise further to $5533 by May.
Although Australia’s gold production slightly declined to 290 metric tons in 2024, it remains a key player in the global market.
The country is home to major gold mines such as Newmont, Boddington, and Cadia Valley.
Australia’s gold reserves are significant, estimated at 12,000 metric tons, making it one of the largest reserve holders.
Despite its impressive production, China and Russia still lead Australia in global gold production.
