‘Uncharted territory’: Gold price surges towards record high of $US3000

Vaults in New York are filling up to record levels as physical gold buying goes “apocalyptic”.

Long delays retrieving gold from the Bank of England are sparking conspiracy theories about missing bullion — fuelled by Elon Musk’s hints of auditing America’s Fort Knox.

“I don’t get very excited about all that stuff — I tend to regard it as a bit in the realm of crackpot theories,” said Shane Oliver, head of investment strategy and chief economist at AMP.

“I suspect the Bank of England still has lots of gold.”

The gold market has witnessed unprecedented moves in recent months as the price of the precious metal continues to break record highs, sparking frenzied speculation in a market prone to fringe ideas at the best of times.

So what exactly is going on?

Gold price nears $US3000

The price of gold hit a record of $US2946 per troy ounce in London on Wednesday, its 11th record in 2025 and the latest milestone in a years-long rally since the Covid pandemic in 2020, when it crossed $US2000 for the first time.

Gold has risen 44 per cent over the past 12 months and is up 11 per cent this year alone, smashing share market gains. The ASX200 is up 5 per cent this year, while the S&P500 is up 4 per cent.

The remarkable performance of gold even as stocks rallied strongly is unusual for a traditional hedge asset.

“The expectation is gold could not only be punching over $US3000 but closer to $US3500 and there’s bets on for it to be $US4000,” said Jessica Amir, market strategist at Moomoo.

Dr Oliver said those predictions were possible.

“It’s been making record highs — we’re sort of in uncharted territory,” he said. “I would probably say it’s got more upside but predicting [the ...
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