SMM9, March 27 / PRNewswire-FirstCall-Asianet /-- Australia's gold export earnings will reach a record A $31 billion (US $22 billion) in 2020-2021, but will fall to about A $28 billion in 2021-2022, according to (The Department of Industry, Science, Energy and Resources), according to the Australian Ministry of Industry, Science, Energy and Resources. Australian gold production is expected to reach a record 384 tonnes in 2021-2022, as production is spurred by record highs in gold prices, the department said.
This forecast is lower than the previous forecast (June forecast) to reflect changes in the exchange rate.
As the uncertainty of the epidemic persists, dollar-denominated gold prices are expected to remain high for the rest of the year, with the agency forecasting an average price of $1770 an ounce this year. As the global economy recovers, the average price of gold is expected to fall to $1740 / oz in 2021 and further to $1620 / oz by 2022.
In addition, the global economic recovery will dampen some institutional investors' enthusiasm for gold, and some funds may withdraw from safe havens and switch to riskier assets.
