Gold Price Seeing ‘Measured Revival’ in Australia

Mining Weekly reported that in Australia the gold price is seeing a “measured revival,” with Australian gold producers enjoying “a bit of breathing space” as a result.

As quoted in the market news:

‘The last six to nine months has seen something of a renaissance in the Australian dollar gold market, and obviously this has had an impact on the local producing community,’ says the Commonwealth Bank of Australia’s global head of natural resources, Grant Willis.

Willis notes that the surge in the Australian dollar gold price is due to a decline against the American greenback, which translates into the gold price of around A$1 500/oz.

‘This price movement has breathed new life back into the Australian dollar gold market and, frankly, has made it a little bit more of an interesting place for producers, investors and shareholders alike.’

Australia’s gold production has remained fairly steady, despite the upward trend in prices. The Department of Industry and Science has estimated that Australian gold production will reach 274 t during 2014/15, increasing by an annual average of 1.3% to 293 t by 2019/20.

Click here to read the full Mining Weekly report.