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Luke Hartigan, Lecturer in Economics, University of Sydney

The price of gold is skyrocketing. Why is this, and will it continue?

Gold United States Russia

The price of gold surged above US$4,100 (A$6,300) an ounce on Wednesday for the first time, taking this year’s extraordinary rally to more than 50%.

The speed of the upswing has been much faster than analysts had predicted and brings the total gains to nearly 100% since the current run started in early 2024.

The soaring price of gold has captured investors’ hearts and wallets and resulted in long lines of people forming outside gold dealers in Sydney to get their hands on the precious metal.

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