Gold Price in Australia Today (1 December 2025): Record Highs, Key Drivers and 2026

Gold in Australia has kicked off December near record territory, with local prices hovering around A$6,470–6,500 per ounce – almost 60% higher than a year ago and reflecting one of the most powerful gold bull runs since the late 1970s. ^[1]

Below is a detailed look at today’s gold price in Australia, what’s driving it, and how major banks and analysts see 2026–27 shaping up for the yellow metal in both USD and AUD terms.

1. Gold price in Australia today (1 December 2025)

Multiple live-price feeds tracking the Australian market show spot gold clustered tightly in the same range:

Around A$6,472–A$6,480 per ounce (24K) on Monday morning, 1 December 2025 ^[2]
Equivalent to roughly A$208 per gram of 24K gold
In US dollar terms, that corresponds to about US$4,230–4,240 per ounce, matching global spot prices.

Key numbers (Australia, 1 December 2025): ^[3]

Spot gold (24K) in AUD: ~A$6,470–6,480 / oz
Spot gold (24K) in AUD: ~A$208 / g
Typical 24K retail jewellery price: ~A$226 / g (includes margins, taxes, etc.)
1kg bullion bar (9999) from major dealer: ~A$212,000–A$213,000
1kg 24K “retail” reference price: ~A$208,000–A$226,000

In other words, Australian buyers today are looking at well over A$200,000 per kilo of gold, while sellers of jewellery are seeing some of the strongest payouts on record.

2. 2025: Australia’s gold boom in context

A near-60% surge in a year

Global gold prices have rewritten the record books in 2025:

Gold briefly exceeded US$4,300 per ounce in October, setting a new all‑time high. ^[4]
A World Bank analysis estimates about a 42% rise in gold prices in USD terms for 2025, the strongest annual gain since the late 1970s. ^[5]
Reuters notes gold is up roughly 59% year‑to‑date, heading for its best year since 1979. ^[6]

In Australian dollars, the move has been even more dramatic:

Live AUD gold data show today’s price around A$6,472/oz, up from a 52‑week low near A$4,075/oz, a gain of about 59%.
Another long‑running AUD gold series puts the 2025 year-high above A$6,600/oz and year‑to‑date gains over 50%. ^[7]

A recent World Gold Council commentary underscores how extreme this rally has been: gold notched its 50th all‑time high of 2025 on 20 October and was trading more than 25% above its 200‑day moving average at the peak – levels typically seen at “overstretched extremes”.

Is it a super‑cycle or a bubble?

Australian commentators are divided:

Money magazine in Australia points out that gold has doubled from around US$2,000 to above US$4,200 in under two years, likening the price chart to “scaling a vertical mountain” and warning that buying any asset near a blow‑off peak can lead to painful subsequent years. ^[8]
At the same time, a World Bank blog and several banks argue the rally has deep structural drivers: record central‑bank buying, geopolitical stress, and a desire to hedge against the perceived fragility of fiat currencies. ^[9]

In Australia specifically, one research note describes a new “bullion super‑cycle”, with gold export earnings up 42% to A$47 billion this year and forecast to hit A$60 billion in 2026, potentially making gold the country’s second‑largest export after iron ore. ^[10]

3. What’s driving today’s Australian gold price?

3.1 US Federal Reserve cut expectations

Gold’s latest push higher – including today’s six‑week high in USD terms – is tied heavily to expectations that the US Federal Reserve will cut rates in December: ^[11]

Futures markets are pricing roughly an 80–87% probability of a 25 bps Fed cut this month.
A weaker US dollar and lower real yields make non‑yielding gold more attractive.
Global risk‑off sentiment – including wobbling equities and volatile cryptocurrencies – is funneling safe‑haven flows into bullion.

Short-term technical analyses now see XAUUSD consolidating in a range roughly between US$4,050 and US$4,250, with support around US$3,883 and resistance near October’s all‑time high around US$4,378. ^[12]

3.2 RBA policy: cash rate stuck at 3.6%

On the domestic side, the Reserve Bank of Australia (RBA) is in a holding pattern:

The RBA cut the cash rate to 3.60% in August 2025, then left it unchanged at the October and November meetings, citing stickier‑than‑expected inflation. ^[13]
Core inflation has nudged back up toward the top of the RBA’s 2–3% band, and the Bank now warns that it may hold rates at current levels into 2026 and is no longer signalling further cuts. ^[14]

For gold, that combination is supportive: real rates in Australia remain relatively low, and there is no imminent tightening shock to undercut bullion in the near term.

3.3 The Australian dollar effect

Because gold is priced globally in US dollars, the AUD/USD exchange rate is crucial for local pricing:

Recent market commentary notes the Australian dollar trading near US$0.65, recovering from earlier weakness as traders bet on Fed easing and watch a mixed domestic data flow. ^[15]
A weaker AUD amplifies any rise in USD gold; a stronger AUD partially offsets it.

Some Australian bullion dealers explicitly highlight this “currency lever,” noting that even if global prices simply stabilise, a slide in AUD/USD towards 0.63–0.65 could still push Aussie gold towards A$7,500–A$8,000/oz under bullish USD‑price scenarios – attractive for local sellers. ^[16]

3.4 Central bank and investor demand

The backbone of the current gold cycle is structural demand:

World Bank and World Gold Council data show central banks have more than doubled their average annual gold purchases since 2022, with official buyers now accounting for close to a quarter of total gold demand – up from around 12% a decade earlier. ^[17]
Goldman Sachs highlights that emerging‑market central banks, especially China, remain heavily underweight goldcompared with developed peers and are expected to keep accumulating bullion for at least three more years. ^[18]
Deutsche Bank likewise cites “persistent central bank demand” and stabilising ETF flows as key reasons for upgrading its 2026 and 2027 price forecasts. ^[19]

This institutional bid has helped absorb supply and underpinned the new price regime above US$4,000 – which then translates into today’s A$6,400+ levels in Australia.

3.5 Australian mining supply and exports

Australia sits at the heart of this bull market as the world’s second‑largest gold producer, responsible for about 10% of global mine supply. ^[20]

2025 production trends look paradoxical at first glance:

Surbiton Associates’ Q1 data show Australian gold mine output at 73 tonnes, down 7% from the December quarter but still up 4% year‑on‑year. ^[21]
In the same quarter, AUD gold prices ranged from A$4,232 to A$4,960/oz, putting the value of that quarter’s output at over A$12 billion. ^[22]

Consultants explain that higher prices encourage miners to:

Lower cut‑off grades (making more low‑grade ore economical),
Process more stockpiled material, and
Optimise for profit margin rather than headline ounces. ^[23]

The result: slightly lower production but record margins. Sector analysis suggests many Australian miners are enjoying EBITDA margins in the 45–50% range, up from around 30–35% in 2024. ^[24]

Alongside that, export earnings from gold are exploding – up 42% this year and on track for A$60 billion in 2026 if prices and volumes hold. ^[25]

4. Short‑term outlook: December 2025 and early 2026

Consolidation after October’s spike

Technical and macro commentary converges on a similar short‑term narrative:

After October’s parabolic move, gold has entered a consolidation range roughly between US$3,900 and US$4,400. ^[26]
The World Gold Council describes October’s pull‑back as a “much needed breather” in a still‑intact long‑term uptrend, with first major support around US$3,800/oz and more substantial support near the US$3,500 level (the April peak).

A weekly forecast from a major FX brokerage frames the base case as neutral for the week of 1–5 December:

Gold is expected to chop sideways in the US$4,050–4,250 band, with the probability of a Fed cut already largely priced in.
A clean break above roughly US$4,250–4,280 could re‑open a test of October’s highs; a sustained drop below US$4,050 might signal a deeper correction toward US$3,883–3,900. ^[27]

Translating that into AUD, and assuming AUD/USD trading near 0.65, this suggests:

Support zone in Australia around A$6,000–6,200/oz,
Resistance zone in the A$6,700–6,900/oz region, in the absence of a sharp currency move. ^[28]

5. Medium‑ and long‑term gold forecasts (USD and AUD)

Forecasts always differ – and they’re not guarantees – but the current consensus among major institutions is strikingly bullish.

5.1 Big‑bank and institutional views (USD)

Recent projections include: ^[29]

Goldman Sachs
- Sees gold rising about 6% by mid‑2026, with a base‑case target of US$4,000/oz from a lower starting level in September; the firm now emphasises that upside risks outweigh downside given central‑bank and ETF demand.
Deutsche Bank
- Raised its 2026 average gold forecast to US$4,450/oz, up from US$4,000,
- Projects a US$3,950–4,950 trading range in 2026,
- Keeps a 2027 forecast of US$5,150/oz.
ANZ
- Earlier lifted its 2025 year‑end target to US$3,800 and then, in October, forecast US$4,400/oz by year‑end and US$4,600 by mid‑2026 as the rally extended.
J.P. Morgan, Bank of America and others
- Cluster their 2026 forecasts broadly in the US$4,000–5,000 range.
Independent and macro‑thematic houses
- Some see a maximum 2026 price around US$5,000 and long‑run peaks closer to US$6,000 by 2030 under a sustained “de‑dollarisation” and high‑uncertainty scenario.

The World Bank’s Commodity Markets Outlook similarly projects new all‑time highs in 2026, though at a slower pace than 2025’s explosive gains. ^[30]

5.2 What those forecasts imply for Australia (AUD)

If we convert the main 2026/27 forecasts into Australian dollars using an illustrative AUD/USD of ~0.65 (and assuming no extreme currency shock), we get the following rough mapping:

US$4,000/oz ≈ A$6,150/oz
US$4,450/oz ≈ A$6,850/oz
US$4,900–5,300/oz ≈ A$7,500–8,150/oz
US$5,150/oz ≈ A$7,900/oz

Today’s spot around A$6,470/oz therefore sits roughly in the lower half of that projected 2026–27 band. If both USD gold and the AUD remain near current levels, many institutional scenarios point to higher average Aussie gold prices over the next couple of years, but with potentially sharp corrections along the way.

Some local bullion analysts go further, noting that if the current pattern of ~40–60% year‑on‑year gains were to repeat again (a big “if”), Aussie gold could flirt with A$7,500+ by early‑to‑mid 2026. ^[31]

6. Are we in a bubble? Risks to the gold outlook

Despite the bullish forecasts, there are meaningful downside risks investors and sellers should understand.

6.1 Technical overextension

The World Gold Council’s October technical review highlights that gold was historically overbought, trading more than 25% above its 200‑day moving average at the peak. That profile has preceded corrections in past cycles (e.g., 2020 and 2022).
Their base view: a pause or moderate pull‑back is likely, but there is no clear long‑term “sell” signal yet.

6.2 Policy and macro risks

Gold could underperform current expectations if:

The Fed and other central banks deliver fewer rate cuts than markets expect, keeping real yields higher for longer. ^[32]
Inflation undershoots and the US dollar strengthens, reducing gold’s appeal as an inflation hedge and safe haven.
Central bank reserve managers slow their pace of buying, capping the structural demand that has supported this cycle. ^[33]

Conversely, upside risks remain if geopolitical tensions worsen, if there is another major financial shock, or if policy uncertainty spikes further – all scenarios that past gold cycles have responded to strongly. ^[34]

6.3 Local bubble warnings

Australian financial planners have publicly questioned whether gold at these levels is still a “safe haven” or has become a momentum-driven trade:

Analysis of previous local peaks shows that buying near prior highs (e.g., AUD ~A$1,975/oz in July 2020) was followed by drawdowns of around 15–20% over the next couple of years. ^[35]

History doesn’t repeat exactly, but it often rhymes: the risk of a sharp correction from overextended levels is real, even within a longer-term bull market.

7. What this means for Australian investors and sellers

Standard disclaimer: The following is general information only and not financial advice. Always consider your own objectives, financial situation and needs, or seek professional advice before making investment decisions.

7.1 If you own physical gold (bullion or jewellery)

For Australian households sitting on gold jewellery, coins or small bars:

Live dealer and price‑aggregator data show record or near‑record payouts in AUD terms. ^[36]
Specialist gold buyers suggest that 2024–26 may be an unusually favourable window for sellers, especially if institutional forecasts of even higher prices in 2026 materialise. ^[37]

Practical tips often recommended by local buyers include: ^[38]

Track the daily spot price in AUD (per gram) rather than relying on generic global headlines;
Weigh and sort items by carat (18K vs 22K vs 24K) before seeking quotes;
Compare multiple offers, prioritising reputable buyers that use XRF testing and transparent scales;
Remember that jewellery prices include design and retail mark‑ups, while offers from buyers are usually based on metal value only.

7.2 If you’re considering investing

For investors, the environment is more nuanced:

On one hand, fundamentals and institutional forecasts still point to a constructive medium‑term outlook, with many banks expecting continued record or near‑record prices into 2026–27. ^[39]
On the other, volatility is elevated, the market is technically stretched, and buying after a ~60% yearly gain inherently carries higher drawdown risk. ^[40]

Common risk‑management principles often suggested by professionals include:

Treat gold as a diversifying allocation, not a single all‑in bet.
Decide in advance whether you’re buying gold as insurance / hedge, a speculative trade, or a long‑term store of value – the time horizons and risks are very different.
Be realistic: forecasts are scenarios, not promises. Even bullish projections (e.g., US$4,450–5,300/oz) typically assume sizeable volatility around the path. ^[41]

8. Quick FAQs: Gold price in Australia today

1. What is the gold price in Australia today (1 December 2025)?
Spot prices are around A$6,470–6,500 per ounce (24K), or roughly A$208 per gram, based on multiple live‑price sources. ^[42]

2. How much has gold in AUD risen this year?
From a 52‑week low around A$4,075/oz to roughly A$6,470/oz, a gain of about 59%, similar to the 59–60% rise seen in USD terms. ^[43]

3. Is gold expected to keep rising in 2026?
Most major forecasts for 2026 centre on US$4,000–4,500/oz, with some scenarios stretching toward US$5,000+. That roughly maps to A$6,200–A$8,000/oz for Australia if the AUD stays near current levels. ^[44]

4. Could there be a correction?
Yes. Technical indicators show an overbought market, and past cycles suggest that sharp corrections can follow record highs even within a broader uptrend. Key downside support levels cluster in the US$3,500–3,800 region (roughly A$5,400–5,800 at a 0.65 AUD/USD). ^[45]

5. Is now a good time to sell gold jewellery in Australia?
From a price perspective, payouts are at or near record levels, and local buyers expect 2024–26 to be a strong window for sellers, especially if forecasts of higher prices prove correct. The decision, however, depends on whether you value the sentimental / intrinsic worth of the items more than the current cash offer.