Gold mining consultant Surbiton Associates outlined this rise in its most recent report, which also showed a record 328 tonnes of gold production in the 2019-2020 financial year.
This was a record for any 12-month period and is worth nearly $25 billion at the average gold price for the period.
Close said despite this continued period of disruption and uncertainty due to the COVID-19 pandemic, Australian gold production had not been affected, with exploration minimally affected by travel restrictions.
According to the United States Geological Survey, Australia remains the world’s second largest gold producer behind China, followed by Russia.
Australia’s largest gold producers for the 2019-2020 financial year were Newcrest Mining’s Cadia, with 843,338 ounces, Newmont’s Boddington with 673,000 ounces, Kirkland Lake’s Fosterville with 664,191 ounces, Newmont’s Tanami with 495,000 ounces and the AngloGold Ashanti and IGO Tropicana joint venture rounded out the top five with 463,556 ounces.
Spot gold prices hit a record on August 6, reaching $US2,067 per ounce and Australian gold prices also reached an all-time high of $2,868 per ounce on the same day.
Volatility remains however, as less than a week later gold prices fell by more than $US100 per ounce in one day.
