Australians are making $10,000 fast thanks to the gold rush—will you join them?

If you’ve been watching the news lately, you might have noticed a gold rush happening in Australia.

Forget the days of panning for nuggets in the outback—these days, Australians are queuing for hours at gold dealers, and some are cashing in on old jewellery for a quick windfall.

With gold prices hitting record highs, it’s no wonder people are dusting off forgotten rings and bracelets, hoping to sell them for a tidy sum.

But before you go rummaging through your jewellery box or raiding the family heirlooms, you should know a few things to ensure you get the best bang for your buck.

Gold has always been a haven in uncertain times, and with global markets wobbling and inflation biting, demand has soared.

According to ABC Bullion, the spot price for pure gold recently hit a jaw-dropping $6,345.68 per troy ounce (just over $200 per gram at the time of writing).

As prices soar, Australians queue for hours to buy gold while others sell jewellery for quick cash. Credit: Lemonsoup14/Shutterstock.

For context, that’s a price point we’ve never seen before—no wonder people call it 'just wild'.

This surge has led to scenes reminiscent of the old gold rush days, with queues stretching for hours outside gold dealers and mints.

Some Australians even report four-hour waits just to get their hands on the precious metal—or sell it.

Turning old jewellery into quick cash

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Take Loralie Bodle, for example. She had a box of old gold items gathering dust at home—rings, a watch, a few bracelets. After a quick trip to her local jeweller, she walked out with $10,000 in her pocket.

'I really didn’t think that it was going to be that much,' she said, echoing the surprise of many discovering the hidden value in their forgotten trinkets.

With gold prices rising, Australians sell jewellery but must shop around to avoid low offers. Credit: syed mohd syazwan/Shutterstock

But here’s the catch: not all gold buyers are created equal. Prices vary wildly depending on where you go, and some places—especially those little kiosks in shopping centres—are notorious for lowballing sellers.

How to get the best price for your gold

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Gold prospector Tyler Mahoney has some sage advice: shop around.

Instead, visit a few different gold dealers, pop-up shops, and even The Mint to compare offers. Before you head out, do your homework.

Most gold jewellery is stamped with a hallmark indicating its purity—look for marks like '9ct' or '375' (which means 37.5 per cent pure gold) or '18ct' or '750' (75 per cent pure).

If you’re unsure, reputable dealers have ways to test your purity.

As gold becomes hotter, experts warn against accepting the first price for your jewellery. Credit: Phawat/Shutterstock

Next, check the current gold price online—just type 'gold price Australia' into your search engine and look for a reputable site.

The Perth Mint, for example, pays between $58.91 and $156.94 per gram, depending on the carat.

If you know the weight and purity of your item, you can estimate what you should be offered.

A word of caution

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While gold is on a bull run, it’s not immune to sudden drops. The price recently plunged 6.8 per cent overnight—the biggest drop in over a decade. But seasoned investors aren’t panicking.

If you’re selling, remember that timing can make a difference, but trying to predict the perfect moment is a fool’s errand.

If you need the cash, now’s a great time to sell. If you’re holding onto gold as an investment, buckle up for the ride—ups and downs are all part of the journey.

Have you sold gold jewellery or coins recently? Did you get a pleasant surprise—or a shock—when you found out what your items were worth? Share your experiences, tips, or questions in the comments below.