Gold rush in Australia, Vietnam, other countries as experts make fresh gold rate forecast

Gold price remains on track for its best week in 17 years, rising above $4,300 per ounce early on Friday. Spot gold breached the $4,300 level on Thursday and was headed for its strongest week since December 2008.

By Global Desk | Updated: Oct 17, 2025, 06.27 PM IST

Gold rush around the world! Crazy scenes are being witnessed in Sydney, Australia as locals line up to buy gold amid frenzy. In Vietnam as people storm shops to buy and sell the yellow metal, which now trades at over $4,300 per ounce. Customers in several countries were seen already lining up to buy gold and silver even before opening hours.

Concerns about trade, Fed independence and the U.S. shutdown are making the dollar vulnerable to the "debasement" trade, where investors seek assets that cannot easily be devalued, Pepperstone research strategist Dilin Wu said.

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Gold rush in Vietnam as people storm shops to buy and sell the yellow metal, which now trades at over $4,300 per ounce. <a href="https://t.co/DJlwk7R6aG">pic.twitter.com/DJlwk7R6aG</a></p>— Jesse Cohen (@JesseCohenInv) <a href="https://twitter.com/JesseCohenInv/status/1979073499604955207?ref_src=twsrc%5Etfw">October 17, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

"It's really hard to find a bullish scenario for the dollar index," said Wu. "Instead of betting on any currency by a single sovereign credit, people are rushing into gold, cryptocurrency and other assets as a risk hedge," Wu said.

Meanwhile, gold remains on track for its best week in 17 years, rising above $4,300 per ounce early on Friday. However, there are apprehensions over whether gold’s epic rise may be the bubble investors should be worried about.

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Crazy scenes in Sydney, Australia as locals line up to buy gold amid frenzy.<br/><br/>Is this the top? <a href="https://t.co/rZPYNYQ2oG">pic.twitter.com/rZPYNYQ2oG</a></p>— Jesse Cohen (@JesseCohenInv) <a href="https://twitter.com/JesseCohenInv/status/1979123484526530632?ref_src=twsrc%5Etfw">October 17, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

HSBC on Friday forecast that gold's bull rally would drive prices as high as $5,000 an ounce in 2026, supported by elevated risks and the impact of new entrants into the market.

Spot gold breached the $4,300 level on Thursday and was headed for its strongest week since December 2008.

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Scene at BullionStar before Opening Hours - Customers already lining up to buy Gold & Silver. <a href="https://t.co/UVyqLoWMXR">pic.twitter.com/UVyqLoWMXR</a></p>— BullionStar (@BullionStar) <a href="https://twitter.com/BullionStar/status/1979072804638331173?ref_src=twsrc%5Etfw">October 17, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The advance has been fueled by geopolitical tensions, robust central bank buying, rising exchange-traded-fund inflows, expectations of U.S. rate cuts and tariff-related economic uncertainties.

HSBC joins analysts at the Bank of America and Societe Generale, who earlier in the week forecast that gold could reach $5,000 an ounce in 2026.

FAQs

Q1. How is Gold performing?
A1. Spot gold breached the $4,300 level on Thursday and was headed for its strongest week since December 2008.

Q2. Are there any worry over Gold price?
A2. There are apprehensions over whether gold’s epic rise may be the bubble investors should be worried about.

Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.