Gold will become Australia’s second-most-valuable commodity export, overtaking liquefied natural gas, after the precious metal’s “extraordinary surge” to record prices, the government said.

Revenues from bullion will jump to $60 billion in 2025-26 — the 12-month period to next June — up from $47 billion in the prior year, and almost double the total two years ago, the Department of Industry, Science and Resources said in a report. The surge will partially offset expected revenue declines in other commodities, including iron ore.

Australia is one of the world’s leading gold producers.

Gold has punched to successive highs over the last 12 months — making it one of the top-performing commodities — as central banks boost holdings, the Federal Reserve cuts US interest rates, and geopolitic

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