The Australian dollar gold price reached an all-time high of AU$1,919 per ounce in June, signifying improving conditions for the Gold Ore Mining industry. According to industry research company, IBISWorld, the Australian dollar gold price has been driven upwards by several factors, including greater demand for wealth safe havens.
Gold has fascinated the world since ancient times, treasured primarily as a trusted source of wealth, for use in jewellery, to many modern electronics.
As investors grow increasingly concerned that the ongoing US-China slinging match over trade tensions, as well as Washington’s threat of tariffs on Mexico could negatively affect the global economy, gold prices hit an all-time high in Australia in June, breaking the AU$1,900 per ounce mark in the Australian currency for the first time ever.
China’s purported ban on Australian coal in late February – that was simultaneously confirmed and denied by Chinese authorities – and the significant moves from the banking and investment sector to move away from fossil fuels, as well as major players like Glencore and BHP bowing to investor and environmental pressure to shift from coal, are giving the sector some thought.