Australia’s gold rush shows no signs of slowing, with miners raking in $71 billion in 2025 as prices hit record highs.
“Gold output for the full 2025 year totalled 303 tonnes (about 9.75 million ounces),” Surbiton Associates director Sandra Close said. “This is an increase of six tonnes compared with calendar 2024. Output for the full 2025 year is worth $71 billion at the latest gold price, so gold is now definitely one of Australia’s largest single exports.”
The December 2025 quarter saw 77 tonnes produced, slightly higher than the previous quarter.
“The December quarter 2025 was one of the most memorable ever for gold, given the price rises seen in just a three-month period,” Close said. The average price during the quarter was $US4145 per ounce, peaking at a record $US4549. In Australian dollars, that equated to $6322 per ounce – $1041 more than the September quarter.
Close attributed the volatility to global events.
“A significant portion of the swings and increases in the gold price over the last several months has been caused by US President Trump’s on-again-off-again tariffs and policies,” she said.
“In addition, conflict in the Middle East and the war which has now developed between the US and Israel versus Iran, have added to the uncertainty.”
The industry continues to attract investment. Close said exploration companies seeking further funds for drilling seem to have little trouble raising money, and companies seeking larger amounts for new treatment plants or expansions to existing facilities are also well supported.
Operations increasing output in the December quarter included AngloGold and Regis Resources’ Tropicana joint venture mine up 28,600 ounces, Newmont’s Tanami mine up 23,000 ounces and New Murchison Gold’s Crown Prince mine up 19,100 ounces. BHP’s Olympic Dam produced 216,000 ounces for the year.
“The market is certainly focused on gold,” Close said. “This is of little surprise considering its historic role as a store of value and given the uncertainty prevailing worldwide at the moment.”
