“Gold can be a bit of a fear barometer during times of geopolitical crises,” explains Peter August, the managing director of Melbourne Mint, founded in 1872.At the mint’s Collins Street headquarters, a steady stream of people ride the lift to level 10, to convert their cash into gold. A gleaming, one-kilogram bullion, or gold bar, will set investors back $87,000.
Spot gold prices in Australia have increased by 19.2 per cent in the past year. The current spot gold price is $US1927 per ounce, and trending upwards.With inflation on the rise, Mr August said the metal appeals to clients who want to protect their purchasing power. Demand also intensified two years ago, when the coronavirus pandemic upturned lives around the world.
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