The gold price hit a new record in the December quarter 2025 above US$4,300 an ounce. This was driven by US official interest rate cuts and investors seeking safe havens on concerns over the fiscal and inflation outlook in the US. Prices are expected to remain high over the forecast period with a peak average price in 2027 of around US$3,790 an ounce.

Australian gold output is forecast to rise over the outlook period. Output will lift across multiple existing large-scale operations, and as new projects come online.

Record prices and rising export volumes are forecast to push Australian gold earnings to $69 billion in 2025–26 and $74 billion in 2026–27.

(source: https://www.industry.gov.au/publications/resources-and-energy-quarterly-december-2025)