Gold is expected to become Australia’s third-highest value export in the next year, overtaking metallurgical coal, a key ingredient in steelmaking, according to a federal government report.
The precious metal’s price rocketed to records in the June quarter, above $US3400 an ounce ($5208 an ounce), as investors sought safe haven in gold amid global sharemarket volatility caused by conflicts in the Middle East and Ukraine, and uncertainty around the US Trump administration’s trade war.
Mark Wembridge covers resource companies for The Australian Financial Review, based in Perth. He formerly worked for the Financial Times in London and Hong Kong. Connect with Mark on Twitter. Email Mark at mark.wembridge@nine.com.au
