The price of gold has recently surpassed US$4,100 an ounce, marking a significant increase of over 50% this year alone. This surge is largely driven by heightened demand from gold exchange-traded funds (ETFs) and geopolitical factors, particularly the actions of emerging market economies like China and Russia. These countries are increasingly shifting their reserves from traditional currencies to gold, motivated by concerns over financial sanctions and economic stability. As a result, central bank gold holdings in emerging markets have risen dramatically. For Australia, the world's third-largest gold producer, this trend is promising, as gold exports are expected to exceed those of liquefied natural gas next year, solidifying gold's position as a key export commodity.