A roaring gold price rally is poised to hand Treasurer Jim Chalmers a fresh revenue windfall at the May budget, with bullion overtaking natural gas as Australia’s second-largest export and blowing past Treasury’s most recent forecasts.
Gold prices have surged more than 150 per cent since the start of 2024, driven by heavy buying from emerging-market central banks, expectations of lower interest rates and a rush into safe-haven assets amid rising geopolitical tensions and trade fragmentation caused by the Trump administration’s tariffs.
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