Throughout 2025, gold has proved it is still the industry’s most reliable festive fixture – reaching all-time highs more than 40 times and surpassing the symbolic US$4,000 per ounce mark in October 2025.
In mid-October, gold had surged more than 60%. Since then, the gold market softened, retracting around 6.65% at the time of writing. Yet, gold’s price is still 57.64% higher than a year ago sitting at more than US$4,150 an ounce.
As the mining and resources industry winds down for the year and the holiday season settles in, Mining.com.au is unwrapping a 12-day macro series exploring the forces shaping the sector.
Much like the classic carol, each day builds on the last. On the fifth day of Christmas, the focus is on gold.
More than a bauble
Gold’s sparkle comes long before Christmas trees – the metal is estimated to be more than four billion years old with around 216,265 tonnes of gold mined throughout its entire history.
According to Our World in Data, in 1,681 only six tonnes of gold was mined – by 2015 that had rocketed to 3,100 tonnes.
Before the precious metal was seen on crowns and jewels, gold was bred in a corner of the universe that is far out of humans’ reach. Gold came from the expanses of space, during a process known as supernova nucleosynthesis which occurs when a star explodes.
Sprott Asset Management says gold has outperformed major asset classes over the past 23 years in particular, “historically enhancing returns and increasing diversification”.
In the wake of rampant geopolitical tensions, economic uncertainties, lingering inflation, and a heavily-anticipated US election, gold has continued its status as the symbol of safety and reassurance.
Golden year for producers
For many gold miners, 2025 has delivered more than festive cheer – it has been, in the words of the mining and resources industry, ‘transformational’.
Speaking to Mining.com.au, Ian Cockerill, CEO of Endeavour Mining (TSX:EDV), says the company has delivered 23% more production year-to-date compared to 2024, while enjoying an all-in sustaining margin roughly 90% higher than 2024 – driven largely by strong gold prices.
Despite the favourable environment, Cockerill insists Endeavour is not chasing short-term shine.
“Our significantly improved margins have not altered our strategy: we remain committed to maintaining our sector-leading first-quartile cost position, generating healthy margins so that we are well positioned to continue to be able to deliver organic growth and shareholder returns,” he tells this news service.
Endeavour views its optimal production scale as between 1.5 million and 2 million ounces per year – large enough to remain a top global producer, yet balanced enough to sustainably replace reserves.
The company has discovered and built five mines in 11 years in West Africa, including two that were delivered in 2024.
“Strong cash flows in the current environment means we are able to invest for growth, at the same time as returning value to shareholders, including a record US$150 million dividend paid this year and US$1.4 billion returned since 2021, with a minimum dividend of US$225 million at prices above US$1,850 per ounce,” Cockerill says.
Industry confidence rings bells
Across the sector, other gold-focused companies are feeling equally merry.
Speaking to Mining.com.au, Renegade Exploration (ASX:RNX) Chairman Robert Kirtlan describes himself as a bit of a “gold bull” for nearly a decade.
“Gold is our business, gold is a great business,” Kirtlan says.
“I called it way back in 2017, I thought gold would track up towards US$3,000 – that was my call. And here we are.”
Antipa Minerals (ASX:AZY) is also bullish and has seen the strong gold price environment reinforce its long-held conviction in the value of its portfolio of assets.
Speaking to Mining.com.au, Executive Chairperson Mark Rodda says higher gold prices improve project economics and potential returns in a project development scenario.
“While strong prices are a tailwind, our approach remains technically driven and disciplined,” Rodda says.
Antipa is currently focusing on strengthening Minyari Dome’s project economics and expanding optionality within the Prefeasibility Study (PFS) workstreams.
At the same time, phase one and two exploration programs are delivering results that “enhance” the understanding of near-mine growth potential and provide valuable inputs into ongoing PFS activities.
Rodda says the PFS is designed to de-risk the project before transitioning to the next phase towards a final investment decision.
“We approach 2026 in a strong position, targeting completion of our PFS, further resource growth proximate to Minyari Dome, and ongoing regional exploration across our significant tenement package in what is unquestionably a hot jurisdiction,” he tells this news service.
As the company enters 2026, Rodda says Antipa remains “unsurprisingly confident” in the medium- to long-term outlook for gold.
“For gold, this is due to strong structural demand drivers, coming from inflation hedging, sovereign reserve diversification and the rush from retail investors,” he adds.
Stocking stuffed with demand
According to data from the World Bank Group, gold demand rose 10% in the first three quarters of 2025, led by strong investment flows. This also includes from gold-back exchange traded funds and continued central bank purchases.
In August alone, global physically backed gold ETFs attracted US$5.5 billion in inflows, as reported by the World Gold Council.
Year-to-date demand has reached US$47 billion – the second strongest on record after the peak of 2020, as Mining.com.au reported.
According to the World Gold Council, jewellery accounted for 391 tonnes of gold demand in the three months to June 2024 alone. While this was roughly 20% lower than the previous year – due to the then gold price rising – jewellery remains the largest driver of demand, accounting for 50% of all demand, as reported.
Even as prices rise, gold continues to find its way into portfolios and presents – from vaults to value chains.
On the fifth day of Christmas, gold remains more than a decoration. Born from the stars, tested through cycles, and strengthened by uncertainty, gold continues to be the mining sector’s most precious gift.
Write to Aaliyah Rogan at Mining.com.au
Images: Mining.com.au, Antipa Minerals, & Unsplash
