Thousands of gold-hungry Australians are queuing for hours in central Sydney to buy gold, driven by a record-breaking price surge that has seen the precious metal soar to over US$4,300 an ounce. The ABC Bullion store in Martin Place has been overwhelmed with customers, with about 1,000 people moving through each day for over a month, according to general manager Jordan Eliseo.
Many buyers are drawn by the sustained momentum, with some like Sayed, a tradesman from Campbelltown, already benefiting from the spike and looking to buy another ounce. Others, such as Avtar, a nurse from Sydney’s northern suburbs, are hedging by buying silver, which has seen even greater price rises than gold in 2025. Avtar withdrew $78,000 from his retirement savings to buy gold in April, a sum now worth nearly $112,000.
Analysts point to global uncertainty, political intervention in the US economy, and unstable governments as drivers of the gold rush. The Royal Bank of Canada has upgraded its forecast, predicting gold could hit US$5,000 by early 2026. However, some experts warn of a correction. AMP’s chief economist Shane Oliver notes that exploding queues could be a sign of speculation, and on Wednesday the price of gold plummeted over 6% to US$4,107 – its steepest fall since 2013.
Eliseo says the store has extended trading hours and hired five extra staff to meet demand. “It’s a bit of a gold rush,” he remarks. “They’re reading about it on the news and they’re going, ‘Actually, I want some gold.’” Yet, some buyers remain cautious, with Avtar questioning whether the gains are sustainable.
