Massive queue in Sydney's CBD exposes huge surge in gold trading as prices soar to record high

Gold dealer ABC Bullion in Sydney’s Martin Place, in the CBD, attracted a huge crowd on Thursday, with Aussies patiently queuing outside the building throughout the morning. 

Similar queues were seen on Wednesday with a crowd of largely retirees and families spotted waiting by the entrance, with the line persisting throughout the day and into the afternoon. 

The price of gold has surged to a record high of about $US4,000 per ounce and is perceived as a stable choice for investment amid market volatility.

Alister Berkeley, managing director of Berkeley Advisory, noticed a “ten-deep queue at 8am” outside his Martin Place office on Thursday.

“Queues like this signal a classic flight to safety amid ongoing uncertainty,” he told SkyNews.com.au.

“With gold surging past US$4,000 per ounce, a new record high—following two years of persistent inflation, escalating geopolitical tensions, and squeezed household budgets, Australians are turning to tangible assets they can trust.”

“Gold offers certainty in an era of fiat currency debasement and potential devaluation risks from central banks and governments increasing the money supply (M2) to record levels.

“Anticipation of interest rate cuts is fuelling further momentum.”

Sydneysider Emily Scott, who has been investing in gold bullion for ten years, got “a bit of a shock” seeing the long line of people queuing up when she went to top up her own supply.

“I know the price is going up, I just wanted to top mine up,” she told news.com.au.

“People are wanting to invest in precious metal, it’s secure and stable.”

Angus Kidman, money expert at Finder, explained market uncertainty is increasing the attractiveness of gold as an investment. 

“Gold prices often soar in periods of uncertainty, and that’s been very evident in markets this year,” Mr Kidman said.

“Other traditional safer havens such as bonds and the US dollar have become less attractive amidst tariff uncertainty and the chaotic nature of decision-making in the Trump administration.

“As a result, investors have turned to gold, driving prices up. Google Trends data shows Australian searches on investing in gold surging in the past few days.

“With that said, it’s still not a fully mainstream choice; just nine per cent of Australians say that they think it’s the right time to invest in gold and other commodities, Finder consumer research shows.”