Gold prices have reached eight-year highs, breaking through $US1800 ($2603) an ounce for the first time since 2011.
The Australian resources and energy export earnings are set to fall from record highs, but the outlook is “still relatively strong”, according to the Department of Industry, Science, Energy and Resources.
Edison Investment Research director Charles Gibson has said there is no end in sight for the gold rush, with prices expected to rise to $US1900 per ounce and potentially as high as $US3000 per ounce.
Australian gold prices have climbed back up to three-year highs at the end of this week, hitting $2673.56, according to data from ABC Bullion.
The gold industry is faring well during the coronavirus pandemic that is affecting so many other industries around the world, according to Resources Monitor’s latest report.
Australian gold prices have hit seven-year highs yet again, with ABC Bullion recording a price of $2712.49 per ounce last week, before dropping over the weekend and settling back at $2672.78.
Stay on top of the most popular stories on Australian Mining over the past week, including BHP planning to hire an additional 1500 workers to support the coronavirus-hit economy.
Australian gold prices have continued their wild ride amid the coronavirus pandemic and crude oil price crash, shooting back up to a seven-year high of $2746.32 per ounce.
The Perth Mint’s gold, silver and platinum holdings value has topped $5 billion for the first time, triggered by a global upheaval due to the coronavirus (COVID-19) outbreak.
Stay on top of the most popular stories on Australian Mining over the past week, including the announcement that Glencore is looking to reduce its scope three emissions by 30 per cent by 2035.
Barrick Gold Corporation almost tripled its profit in the September quarter, with $US264 million ($384 million) adjusted profit for the quarter.
Newmont Goldcorp has produced 1.64 million ounces of gold during the September quarter, a 28 per cent increase on the same period last year, as gold prices continued at six-year highs.
Deloitte has identified the rise and fall of iron ore, the impact of the United States-China trade disputes and gold’s record run as the three key trends affecting the commodity market.
The 12th In Gold We Trust report has been published, revealing some good news for the gold and silver mining sectors.