AUSTRALIAN gold mines produced a record amount of gold in 2020, as the price of the precious metal reached all-time highs.

The national gold mine output reached 327 tonnes, worth roughly $27 billion, according to independent industry consultants Surbiton Associates.

The price of gold reached an all-time high of $2868 per ounce in August last year.

Investors fled to the gold markets in droves due to 2020's market volatility, and Surbiton managing director Sandra Close says the precious metal's role as a safe haven is set to continue.

“It is likely gold will still be seen as a safe store of value, as it is tangible and you can hold in your hand,” she said.

Australia is the world's second-largest gold producer, and much of the precious metal is exported. - AAP