After reaching a record high in 2025, gold demand is expected to fall in 2026, as investors take profits and higher US dollar bond yields and a stronger US dollar reduce gold’s attractiveness. Demand will then stay reasonably steady over the outlook.

The gold price hit a new record of US$5,405 an ounce in late January 2026, before correcting to about US$4,500 an ounce in March. Prices are forecast to remain high in 2026 and 2027 before falling slowly to around US$4,000 an ounce in 2031.

Global mine supply will grow modestly by 2% to a new all time high of 3,906 tonnes in 2026, mine production will peak in 2028 then drop to around 4,000 tonnes per year as higher grades are exhausted and mines reach the end of their life.

From $68 billion in 2025–26, high prices and rising export volumes are forecast to push gold export earnings to $73 billion in 2026–27 before dropping to around $55 billion by the end of the outlook period (in real terms).

(source: https://www.industry.gov.au/publications/resources-and-energy-quarterly-june-2026)