Gold prices averaged about US$2,200 an ounce in the first half of 2024, up 15% year-on-year due to strong demand from investors and central banks. Prices are forecast to remain elevated throughout 2024 and 2025, before easing slightly in 2026. 

Australian gold production decreased by 4.0% year-on-year in the March quarter 2024, due to lower grades and disruptions from heavy rainfall. Production is forecast to grow over the outlook period as major new projects and expansions come online. 

Gold export earnings are expected to reach a record $33 billion in 202324, easing to around $31 billion in 2025–26 as prices gradually decline from record levels in Australian dollar terms.

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