Gold Set to Become Australia’s Second-Largest Export

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Gold is shining brighter than ever as global anxiety drives investors toward safe assets — and Australia is reaping the rewards.

For the first time, gold prices have surged past US$4000 (A$6070) per ounce, jumping nearly 50% since January 2025. Experts predict gold will soon overtake gas as Australia’s second-largest resource export, bringing in about $60 billion this financial year, up from $47 billion last year.

The boost comes as other major exports like liquefied natural gas (LNG) and iron ore face falling prices. LNG export earnings are expected to drop from $65 billion to $48 billion, while iron ore could fall by $3 billion this year and another $10 billion by 2027.

Resources Minister Madeleine King said gold continues to “create wealth and jobs” for Australia, reinforcing its vital role in the nation’s economy.

The rush toward gold reflects a world on edge — with trade tensions, a weakening US dollar, and global economic slowdowns driving demand for safe investments. Silver has also joined the rally, soaring 60% to around US$48 per ounce.

Analysts say gold remains a popular “safe haven” in uncertain times, but they also warn that its price can be volatile. As the saying goes — not every glittering investment is risk-free.

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