Gold surpasses USD4,000 per ounce for first time
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The news: The spot price of gold has soared past USD4,000 ($6,095.7) per ounce for the first time but ASX-listed gold miners were hit by profit taking.
The numbers: At 1:17pm AEDT, the spot price gained 0.51% to USD4,004.61 per ounce and marked a 52.2% rally in the year to date.
However, gold producers listed on the ASX made up half of the top 10 biggest losers on the ASX 200.
Catalyst Metals (-5.4%) was the biggest loser after announcing lower than planned gold production for the September quarter while Greatland Resources (-4%), Vault Minerals (-3.7%), Perseus Mining (-3.1%) and Bellevue Gold (-2.8%).
The context: The spot price of gold has been rallying this year amid geopolitical tensions and an upending of the global economic outlook in the wake of US President Donald Trump’s Liberation Day global tariff regime.
The rally has continued unabated over the last week as the US government remains in shutdown amid a funding dispute between Republican and Democrat senators.
The spot price was also spurred by the US Federal Reserve’s first rate cut in mid-September. Uncertainty is also mounting regarding the state of the US economy as the shutdown has delayed the release of key economic data.
Gold is expected to overtake liquefied natural gas as Australia’s second most valuable export for FY26, according to a quarterly resource report released by the Australian Department of Industry on Tuesday.
The sources: Bloomberg, DISR Resource and Energy Quarterly, September 2025
