Gold News

Australian gold output plunges

Gold output in Australia has plummeted by seven per cent in the last 12 months, a new report has revealed.

In news that could have a bearing on gold prices, the publication from the Australian Bureau of Agricultural and Economic Resources showed that just 231 tons of gold bullion was produced in the 12 months ending June 30th, compared with a previous forecast of 243 tons, Reuters reports.

Dropping gold output is a problem that has afflicted a number of nations in recent times, including South Africa.

Sandra Close of Surbiton Associates in Melbourne told Reuters that the recent gas supply problems affecting mine output in Western Australia could result in significantly lower production in the next few months.

"The problem of gas getting to the mines will have a little bit of an impact on production this quarter, but the real impact on production will not turn up until the next quarter," she said.

Statistics South Africa published figures last week showing that gold output volumes fell by more than ten per cent in April compared with last year.

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