The journey of gold priced in Australian dollars over the past five years tells a powerful story of economic uncertainty, global shifts, and the enduring role of gold as a store of value. From the turbulence of 2020 to today’s record-breaking physical price, gold has proven to be one of the most reliable assets for Australian investors.
2020: The Pandemic Spike
In 2020, as the COVID-19 pandemic sent shockwaves through global markets, gold surged to average AUD 2,564 per ounce. Lockdowns, supply chain disruptions, and unprecedented fiscal stimulus triggered strong safe-haven demand. This marked the beginning of a sustained upward trend for gold in Australian dollar terms.
2021: A Breather Amid Recovery
By 2021, the world economy was adjusting to pandemic recovery, and the AUD strengthened against the US dollar. This saw gold retreat slightly, averaging AUD 2,397 per ounce. Yet, even with the pullback, gold remained well above pre-pandemic levels, showing resilience in investor portfolios.
2022: Inflation Ignites Demand
In 2022, inflation surged globally to levels not seen in decades, driven by soaring energy prices and Russia’s invasion of Ukraine. Gold responded strongly, climbing to an annual average of AUD 2,595 per ounce. For Australians, this period reinforced gold’s reputation as an effective hedge against rising living costs and geopolitical instability.
2023: Stronger Momentum Builds
The upward momentum accelerated in 2023, with gold averaging AUD 2,928 per ounce. Central banks across the world continued to add gold to reserves, while investors sought safety as global growth slowed. Gold’s performance in AUD terms was further amplified by currency fluctuations, benefitting local holders.
2024: Record Highs Achieved
By 2024, a mix of interest rate cuts, continued geopolitical risk, and ongoing demand from central banks drove gold to a new record annual average of AUD 3,622 per ounce. For many Australians, this year marked gold’s transition from a defensive asset to a star performer, outpacing many traditional investments.
2025: A Historic Breakout
In 2025, gold has already shattered previous records. The year-to-date average sits at AUD 4,913 per ounce, while today’s physical price has reached an extraordinary AUD 5,206 per ounce (as of 26 August 2025). This surge reflects both global and domestic factors: continued geopolitical instability, strong Asian demand (particularly from India and China), and expectations of further monetary easing from major central banks.
What This Means for Investors
The last five years illustrate gold’s unique position in Australian portfolios. While equities and property markets have experienced volatility, gold has delivered consistent growth, more than doubling in value since 2020. Today’s price reaffirms gold’s role as:
A hedge against currency weakness – as the AUD fluctuates against the USD.
A safe haven during crises – from pandemics to wars.
A long-term wealth preserver – outperforming inflation and maintaining purchasing power.
For Australians considering their next investment move, the lesson is clear: gold continues to shine, and its story is far from over.
