Gold fever has gripped Australia, with crowds flocking to dealers after the precious metal surged to a record high of US$4000 (A$6200) per troy ounce on Wednesday — its highest price in history.
As investors worldwide turned to gold as a “safe haven” amid growing market volatility, Sydney’s ABC Bullion in Martin Place saw queues stretching outside its doors from early morning. Retirees, families, and long-time investors were among those waiting to secure a slice of the soaring commodity.
One family told news.com.au they planned to buy 20 grams of gold and a few grams of silver — a purchase costing over $6000. The line remained steady through the day and was still going strong by mid-afternoon.
Sydney investor Emily Scott, who has been buying gold bullion for a decade, told news.com.au she was stunned by the crowd.
“I got a bit of a shock seeing that line — I was worried I wouldn’t make it to the front before closing,” she said.
“I know the price is going up, I just wanted to top mine up. It’s almost as fast as banks, and it’s making a better return.”
ABC Bullion’s general manager Jordan Eliseo told news.com.au the surge in interest has been remarkable. “Trading activity is four to five times higher than a normal day,” he said.
“People opening new accounts have tripled in the last month. It’s not just a price surge — it’s a surge in participation.”
Gold’s global standing as a long-term hedge continues to resonate. Over the past 25 years, gold prices have delivered an average annual return of around 10 %. Australia — already a leading gold producer — is well placed to gain: the Department of Industry, Science and Resources projects that gold export earnings will rise by A$12 billion, reaching about A$60 billion in 2025–26, even as other resource exports are forecast to decline.
Adding to the rush is the upcoming Hindu festival of Dhanteras, which marks the beginning of Diwali — a time when gold buying peaks among Australia’s growing Indian diaspora, now representing 2.7 per cent of the population.
Falling on 18 October this year, Dhanteras celebrates prosperity and good fortune, honouring Goddess Lakshmi, Lord Kuber, and Lord Dhanvantari. It traditionally marks one of The Perth Mint and ABC Bullion’s busiest trading periods.
The companies have advised new buyers to open bullion accounts or plan ahead of the festival, as services for selling gold and jewellery will be high from 18–19 October due to overwhelming demand.
Each year, ABC Bullion and the Hindu Council of Australia jointly celebrate the Festival of Lights, which symbolises the triumph of good over evil and light over darkness — a fitting parallel to gold’s enduring allure as a beacon of stability in uncertain times.
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