Gold is expected to overtake LNG to be the second highest value export in 2025-26, behind iron ore according to the Department of Industry, Science and Resources (DISR) September 2025 Resources and Energy Quarterly.
Gold prices reached new highs during September 2025, with prices lifting above US$3,700 ($5,635) per ounce before surpassing the US$4,000 per ounce mark yesterday (8 October).
Trading Economics reports that the gold price comes as US interest rate cuts occur, coupled with ongoing political turmoil in France and a leadership change in Japan, as previously reported.
DISR says the gold price is forecast to remain above US$3,200 per ounce over the outlook period.
The Minister for Resources and Minister for Northern Australia Madeleine King says gold miners are enjoying record prices, while Australian iron ore producers are shipping large volumes to markets in Asia and increasing exploration expenditure.
“The discovery of gold helped build this nation and gold mining is still creating wealth and jobs for our economy today,” she says.
Australia is the third largest gold producer in the world as of 2023, exporting 239 tonnes in 2024-25 valued at $47 billion.
Despite Australia’s gold sector’s strength, the total resources and energy export earnings are forecast to decline to $369 billion in 2025-26, from $385 billion in 2024-25, as rising global trade barriers weigh on world economic growth.
Earnings are forecast to further decline to $354 billion in 2026-27.
Meanwhile, export volumes are expected to continue growing, however, the impact on earnings will be offset by falling prices for some commodities.
Further, iron ore has remained the top resource in Australia, with export volumes forecast to rise over the next two years.
Write to Aaliyah Rogan at Mining.com.au
Images: ABC Bullion
