2025-10-07T20:47:47Z

---

Gold is making headlines, not just for its glimmering allure but for breaking records! The price of gold has skyrocketed over 50% in the past year, with spot prices now exceeding $4,000 per ounce. In a country like Australia, where the mining industry reigns supreme, gold is on the verge of becoming the second most valuable resource export after iron ore!

According to the Department of Industry, Science and Resources, this surge in gold prices is expected to push Australia’s gold exports up by an impressive $12 billion to a staggering $60 billion this financial year. Meanwhile, exports of liquefied natural gas (LNG) are projected to drop to $54 billion, influenced by falling oil prices. It’s a dramatic shift in the resource landscape!

Amir Moradi, a third-generation jeweler in Melbourne, has never witnessed demand for his trade like this. He explains, “The price of gold has been on a relentless upward trajectory, and it's significantly impacted our business.” In times of uncertainty, consumers view gold as a safe haven investment, and this trend is becoming increasingly clear.

With gold hitting record highs this week, both spot gold and futures have reached the $4,000 mark. Analysts, including those at UBS, predict that prices might soar to $4,200 by year-end, and could remain elevated into 2026. This is a pivotal moment in the Australian gold market.

But what’s driving this meteoric rise? As Amir Moradi notes, consumers are not just buying jewelry; there’s a growing demand for gold bars and coins, and supplies are dwindling. At the Perth Mint, more than 7,500 eager customers have queued weekly to purchase gold, leading to unprecedented demand.

John O'Donoghue, the general manager at Perth Mint, confirms the rush: “We’ve had to close our queues early every day to manage the surge in customers.” To accommodate, they’ve even expanded their service counters from three to seven!

This upsurge in gold prices is attributed to various global factors, including a looming US government shutdown and fears of economic recession. Andrew McAuley from UBS Global Wealth Management states, “Gold is an excellent hedge against uncertainty.” Gemma Dale from NAB adds that central banks are aggressively purchasing gold, further inflating its value.

The implications of this gold rush are profound. As investors flock to gold, whether through physical purchases or exchange-traded funds (ETFs), we are witnessing a fundamental shift in how the world perceives and relies on this precious metal.