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The surge in gold prices has sparked a frenzy, with gold now fetching over $6,700 per ounce. This marks a remarkable 70% increase just this year alone.
Gold retailers nationwide are witnessing long lines of eager customers, all driven by the soaring value of bullion.
At the onset of 2025, purchasing an ounce of gold would have cost about $2,500 less, with nearly half of this dramatic increase occurring in just the last month.
The excitement isn’t limited to gold. Silver has also made headlines by surpassing a 45-year record, reaching $80.77 per ounce on Tuesday.
“I think that’s been the big story over this year and particularly the last month.”
“I would caution buying into the narrative that it’s been central bank buying. I think that was a story in 2022, 2023, and 2024,” he said.
“So the traditional driver of demand has dropped away, which really leads to that point that it is retail demand. It’s investors racing to buy bullion from shops.”
Will gold prices fall?
In an article in The Conversation, Luke Hartigan, a lecturer in economics at the University of Sydney, noted that “ongoing demand from Russia and China” could also lead to further increases in prices.
