Gold prices are forecast to rise by 22% (year-on-year) to average US$2,365 an ounce in 2024. Prices have been boosted by global economic uncertainty and major central banks easing monetary policy and are forecast to remain elevated in 2025 before falling in 2026. 

Australian gold production increased by 0.5 tonnes in September 2024 to 74 tonnes. Yearly gold production is forecast to fall slightly in 2024–25 before resuming growth in 2025–26 as new projects and existing mine expansions come online.  Earnings forecasts have been revised down moderately by $0.3 billion to $34 billion in 2024–25 due to a slightly stronger forecast for the AUD/USD.

Earnings forecasts for 2025–26 remain at $35 billion, in line with forecasts from the September 2024 REQ.

(source: https://www.industry.gov.au/publications/resources-and-energy-quarterly-december-2024)