The record high gold price is not just pushing ASX gold shares higher, it's also making what's in your jewellery box much more valuable.
The gold price reached a fresh high above US$4,360 (A$6,733) per ounce on Friday, just a week after breaching the US$4,000 mark for the first time.
Master craftsman, Nick Ireland, a leading East Coast jeweller with more than 30 years' experience, said the prolonged bull run for the gold price is inspiring Australians to cash in their gold jewellery.
Non-investors take advantage of gold rush
At his studios in Sydney, Melbourne, and Brisbane, Ireland has seen an increased number of customers wanting to sell or have their gold jewellery revalued this year.
Ireland said:
Customers are pleasantly surprised at what their old jewellery that was sitting in a drawer, unworn, is worth today.
Ireland said customers are selling gold chains and bracelets, often broken, as well as wedding and eternity rings from previous marriages and engagement rings from old relationships.
Other clients are asking Ireland to refashion their old gold jewellery into more modern, wearable designs, now that gold is trendy again.
What is your gold jewellery worth?
Ireland provided two examples of his gold jewellery purchases this month.
A fortnight ago, Ireland paid a customer $1,440 for an 18-carat gold wedding ring.
He said that two years ago, the same ring would have been worth $692.
Last week, Ireland bought a simple 9-carat gold chain from a client.
We paid $700. Two years ago, we would have paid $310.
Is it a good time to sell your gold jewellery?
Ireland thinks it's a great time to sell, commenting:
Gold has never in its history been so high, so yes, now is a great time to sell.
Considering the rise has been dramatic and easy to make a gain on the original cost, holding on to it has its risks.
However, current trends still have gold tracking higher in value. It's a gamble!
Having said that, Ireland thinks the gold price will go further, saying:
Major global banks are still buying larger quantities of gold, which I think is an indicator of where the price is going.
ASX gold shares rip in second year of commodity boom
The gold price began its rapid rise in early 2024. The commodity rose by 27% in 2024, which was its strongest run since 2010.
That impressive run has been obliterated in 2025, with the gold price up by an astounding 66% since January.
Investors have enjoyed strong returns from their ASX gold shares since January 2024.
The S&P/ASX All Ordinaries Gold Index (ASX: XGD), which tracks a basket of ASX gold shares, is up 140% since then.
The market's largest gold miners have skyrocketed.
The biggest ASX gold share, Northern Star Resources Ltd (ASX: NST), has almost doubled in value, up 91%.
Evolution Mining Ltd (ASX: EVN) shares have ripped 195%, while Newmont Corporation CDI (ASX: NEM) shares have soared 149%.
As we've reported, the most spectacular gains have been seen among the ASX small-cap gold shares.
Dateline Resources Ltd (ASX: DTR) shares have skyrocketed 4,070% higher since January 2024, Black Cat Syndicate Ltd (ASX: BC8) shares are up 448%, and the Barton Gold Holdings Ltd (ASX: BGD) share price has ripped 372%.
Now, as the gold price streaks further into the stratosphere with more tailwinds behind it, everyday Aussies who are not investors are paying attention.
Not only are they raiding their jewellery boxes, they're lining up to buy gold bars and bullion from city dealers in their lunch breaks.
Why is the gold price at a record high?
In a recent analysis, Goldman Sachs outlined the reasons why the gold price has skyrocketed.
Analyst, Lina Thomas, said there is a structural change afoot in the way central banks manage their reserves.
Central banks — particularly in emerging markets — have increased their gold purchases by about 5x since 2022, Thomas said.
The catalyst was Russia's foreign-currency reserves being frozen following its invasion of Ukraine.
Thomas wrote in an article:
We view this as a structural shift in reserve management behavior, and we do not expect a near-term reversal.
Thomas said central banks, especially in emerging markets, are expected to continue buying gold for three more years.
Where to next for the gold price?
Last week, Goldman Sachs raised its short-term forecast for the gold price to US$4,900 per ounce by December 2026.
