According to the latest data from Surbiton Associates, a Melbourne-based gold mining consultancy, Australia's gold companies took advantage of rising gold prices in the last three months of 2024 to boost production.

Dr Sandra Close, director of Surbiton Associates, said the Australian gold industry continued to benefit from global economic uncertainty. Increased demand for safe-haven assets pushed gold prices to record highs against most major currencies, including the Australian dollar.

Close said that the first quarter of this year saw increased uncertainty, even more so since President Trump took office. Trump has issued executive orders, tariffs, and reversals, leading to more concerns; thereby helping gold prices continue to rise.

According to a report by Surbiton Associates, in the fourth quarter of 2024, Australia's domestic gold production reached 79 tons, an increase of 6 tons compared to the previous quarter.

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Global gold demand increases sharply. Photo: Kitco

"In Australia, many gold processing plants are operating at full capacity, and gold reserves are gradually decreasing," the report said.

According to Dr Close, Australia's annual gold production is around 300 tonnes and is worth around A$45 billion at current gold prices. The Australian gold industry needs more promotion as it is a very important industry.

Close noted that the global gold market continues to be important to Australian gold miners – one of the world’s leading gold producers.

Meanwhile, in Switzerland, gold refineries are also operating continuously. This country is the world's largest gold bullion refining and transit center.

Since President Trump won the election last November, US gold futures have surged compared to other markets, creating opportunities from the price difference, helping investors move large amounts of gold bullion into the US.

In the first month of 2025, Switzerland shipped 193 tonnes of gold to the US, worth more than $18 billion, more than in all of 2024. This is the highest monthly export volume in customs data since January 2012.

Nikos Kavalis, CEO of Metals Focus, said the market is concerned that tariffs could potentially be applied to all goods imported into the US and would also apply to gold.

More than 600 tonnes of gold have been transferred to New York's vaults since December last year, according to data from the World Gold Council (WGC).

Analyst Tim Waterer said gold will remain a popular asset amid investor concerns about trade wars and a poor economic outlook. He predicted gold prices would remain on an upward trend as trade tensions continue to escalate.