Gold Mining Boom in Australia Drives Unprecedented Activity

A gold mining building boom is underway in Australia, driven by rising gold prices and fueled by unprecedented levels of activity in the sector.

Ramelius Resources boss Mark Zeptner said he's never seen anything like it, with as many as 10 new gold plants potentially being built in Western Australia this year alone.

The price of gold has more than doubled to around $US4,000 an ounce since the start of the year, reaching an all-time high of $US5,589.38 on January 28.

This surge is driven by global events such as wars and inflation, which are causing central banks to move away from US Treasury debt and towards gold.