(2 May 2025)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Sydney – 30 April 2025
1. Workers pouring unrefined melted gold into moulds
2. Unrefined gold blocks taken out of mould
3. Various of unrefined gold blocks on conveyer belt being moved through water
4. Various of worker pouring refined gold using torch
5. Various of gold granules, worker pouring them through machine
6. Gold granules going through sifter
7. Worker pouring gold granules through machine
8. Pan across gold bars after stamping
9. Various of worker placing gold bars on table
10. Worker packing gold bars into box
STORYLINE:
The lustrous, metallic allure of gold has long fuelled intrigue and in recent months its market fortunes have also reflected global geopolitical and economic tumult.
As markets have reeled over uncertainty about U.S. President Donald Trump’s tariffs, gold prices have registered record high after record high.
Prices eased to a two-week low on Thursday after hitting a fresh peak in April, but gold’s price per troy ounce — the standard for measuring precious metals — was still close to $1,000 higher than a year earlier.
The price of spot gold is up more than 30% since the start of 2025, according to the data firm FactSet while stock prices have fallen.
Historically, gold sales rise when investors seek so-called “safe havens” for their money, especially in times of turmoil.
That’s keeping miners in mineral-rich Australia busy.
It has one of the world’s largest underground gold reserves and the journey of the precious metal from mines — most in the state of Western Australia — to retail stores in the form of gold cast bars with 99.99% purity takes only about a week.
After a year and a half of gains, gold ratcheted still higher after Trump announced steep increases in tariffs on goods arriving to the U.S. from around the world.
Geopolitical tensions have also increased demand for gold from central banks.
Prices softened after the U.S. said imports of gold would not be subject to the administration’s global tariffs. But analysts say gold could continue to climb.
AP Video shot by Mark Baker
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