In recent weeks, and particularly this Monday and Tuesday, people have been lining up for hours in the Sydney CBD with one goal in mind: buying some gold .

Now, the price has dropped – and sharply.

Yesterday, Australia woke up to the news that the precious metal had suffered its worst single-day fall since 2013, down a whopping 5.7 per cent in one go.

The trend continued today, down a further 0.6 per cent overnight.

That's a far cry from the astronomical rise in the price of gold this year , which hit a record high of around $US4380 per ounce, or about $6755 for 31 grams, this week, a more than 55 per cent increase since the start of 2025.

The rise has been particularly evident this month – in the space of just 11 days in October, the price surged by some $US40

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