Gold prices have surged to fresh record highs, breaking through US$3,600 per ounce, marking the 31st daily high of 2025. In Australian terms, that’s equivalent to around A$5,440 per ounce — an unprecedented level that underlines the strength of the current bull run.
This rally comes as the US dollar weakens to a six-week low and traders increase bets that the US Federal Reserve will deliver multiple interest rate cuts before year-end. According to CME FedWatch data, the odds of three cuts by December jumped to more than 74% following last week’s weaker-than-expected US jobs report — the softest since the Covid-era shocks of 2020–21.
Why Gold Keeps Climbing
Since Donald Trump’s return to the White House in January, the US dollar has fallen more than 10% on the DXY index, while gold has surged by over 33%. Analysts point to three key drivers:
Weakening US dollar: Lower confidence in the greenback makes gold more attractive globally.
Easing fiscal discipline: Rising deficits and swelling money supply worldwide are pushing investors into tangible assets.
Tariff clarity: Trump confirmed that gold will not face tariffs, offering reassurance to global markets after recent confusion.
Nicky Shiels, head of metals strategy at MKS Pamp, summed it up: “The dollar is losing favour… tangible assets like gold, silver, and platinum are rising in relative value.”
Silver and Platinum Join the Rally
Gold isn’t the only metal in demand. Silver, which has significant industrial uses, jumped to US$41.34 per ounce — its highest level in 14 years — gaining more than 35% since January. Platinum also advanced to US$1,407 per ounce, up nearly 49% in 2025.
This broader rally highlights that investors are diversifying into precious metals beyond gold, adding weight to the overall safe-haven momentum.
Central Banks Continue Buying
The People’s Bank of China announced a further 2-tonne increase in its gold reserves in August, marking its tenth consecutive monthly addition. China now holds 2,302 tonnes, the world’s sixth-largest official reserve. This steady buying underscores the global shift from dollar assets to gold.
What This Means for Australians
For Australians, the key takeaway is clear: with gold trading at around A$5,440 per ounce, sellers are in one of the best positions in history to unlock hidden wealth in old jewellery, coins, and bullion.
Unprecedented prices: Selling now captures maximum value.
Silver and platinum upside: Old silverware and platinum jewellery are also worth far more than in previous years.
Safe-haven demand isn’t slowing: Analysts expect further upside as central banks keep buying and investors hedge against a weaker dollar.
With gold, silver, and platinum all hitting multi-year highs, there has rarely been a better time to review your jewellery box, safe, or investment portfolio. Whether it’s scrap pieces, heirlooms, or bullion, Australians stand to benefit directly from this historic rally.
FirstGold makes it simple to sell at the top of the market — ensuring you receive the best possible returns, safely and securely.
Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk.
