Gold markets have taken a hit, after extensive queues in Sydney’s CBD fuelled fears of a “bubble”.

Spot gold prices fell 6.8 per cent to USD$4,082.35 an ounce on Wednesday morning, from $4,396.60 over Tuesday.

It marks the steepest daily decline in five years, since before the Covid pandemic.

Silver also fell by more than eight per cent.

Bullion, seen as a safe haven, has been on an animated run in the past two weeks, further fuelled by economic and political instability, and speculation according to experts.

Investors in Sydney have been queuing up outside ABC Bullion in Martin Place near-daily to purchase the precious metal.

About 1,000 people are tipped to have moved through the store each day averaged over the month.

It came as gold prices reached record heights earlier this mon

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