Gold Price Breaks Above US$4,600: Is Now the Best Time to Buy Gold in Australia? (Aug 24 Outlook)

Today's Gold & Silver Performance (24 Aug)

Gold (XAU/USD) gained fresh momentum at the start of the week, climbing toward the US$4,625 area and reaching its highest level since May. The move extends gold's powerful August recovery, with the metal rebounding sharply from around US$4,000 in mid-July as renewed investment demand and concerns about the US fiscal outlook boost its appeal.

The main catalyst remains the US Treasury's expanded buyback programme for longer-dated government bonds. By increasing the maximum size of certain buyback operations to at least US$4 billion, the Treasury aimed to relieve pressure in the long end of the bond market. However, the move has also revived concerns about potential US dollar depreciation and currency debasement, encouraging investors to seek alternatives such as gold.

The relationship between gold and Treasury yields is also becoming more complex. While the buyback announcement initially pushed yields lower, longer-term yields later recovered as investors questioned whether the programme could address deeper concerns surrounding heavy government borrowing and the US fiscal deficit. Despite that rebound in yields, the dollar has remained under pressure, allowing gold to maintain its upward momentum.

Silver is also benefiting from the broader precious-metals rally, although gold remains the main focus as investors increasingly position for potential currency weakness and continued uncertainty surrounding the US debt market. Last week's strong move in precious metals saw silver rise alongside gold as demand for hard assets increased.

From a technical perspective, US$4,600 has now emerged as the key psychological level. Holding above this area would reinforce the latest bullish breakout and keep the focus on higher levels. However, after gold's rapid multi-week advance, traders should also watch for short-term profit-taking if the US dollar stabilises or Treasury yields move sharply higher.

For Australian gold traders, the key question this week is whether US$4,600 can transition from resistance into support. If buyers successfully defend that level, the next leg of the rally could remain in play; a break back below it could trigger a short-term correction after one of gold's strongest monthly advances in years.

If you're wondering where to buy gold in Australia after the recent price pullback, the answer depends on your investment objectives. Some investors prefer owning physical bullion as a long-term store of value, while others choose ETFs, gold mining shares, or Gold CFDs for greater flexibility and lower capital requirements. Australia offers all four options, making it one of the world's most accessible markets for gold investing. 

Here's a comparison of the most popular ways Australians invest in gold:

Buying physical gold remains the traditional choice for investors seeking a hedge against inflation or financial uncertainty. Australian investors can purchase gold bullion bars, investment-grade coins and minted collectibles from reputable dealers. While physical ownership provides tangible security, investors should also consider storage, insurance and dealer premiums before making a purchase.

Where to Buy Physical Gold

Gold ETFs offer one of the simplest ways to gain exposure to gold prices without holding physical bullion. They trade on the ASX like ordinary shares and typically have lower transaction costs than buying and storing gold.

Popular Gold ETFs

• BetaShares Gold Bullion ETF (QAU)

• Global X Physical Gold (GOLD)

• Perth Mint Gold (PMGOLD)

Where to Buy Gold ETFs

Instead of investing directly in bullion, investors can purchase shares of gold mining companies. Mining stocks may outperform the gold price during strong bull markets but also carry company-specific operational risks.

Popular examples include:

• Northern Star Resources (ASX: NST)

• Evolution Mining (ASX: EVN)

• Newmont (NYSE: NEM)

Where to Buy Gold Stocks

For investors looking to profit from short-term gold price movements, Gold CFDs provide significantly more flexibility than physical ownership. CFDs allow traders to speculate on both rising and falling gold prices without worrying about storage or delivery, making them popular among active traders.

Where to Trade Gold CFDs

📌 Editor's Pick:With gold price breaks Above US$4,600, traders are watching whether bullish momentum can push XAU/USD toward the next resistance levels. Mitrade gives Australian traders a flexible way to trade Gold CFDs, with the ability to take long or short positions on gold price movements without owning or storing physical bullion. Whether you're looking to trade a potential breakout or manage short-term pullbacks, Mitrade provides access to gold markets as price volatility remains elevated.

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      “Trade gold CFDs with an ASIC-regulated broker. Fast AUD funding via PayID. ”  

From a technical perspective, US$4,600 has now replaced US$4,500 as the key near-term support level. Gold's ability to extend its rally above US$4,600 and reach around US$4,625 in Monday's Asian session suggests that bullish momentum remains strong. XAU/USD has risen sharply from around US$4,000 in mid-July, and the latest move has been supported by continued US dollar weakness following the Treasury's expanded long-dated bond-buyback programme.

The next upside test is likely to centre on the US$4,650–4,700 zone. A sustained break above this area could attract further momentum buying, although the speed of the August rally means the market is increasingly vulnerable to short-term profit-taking. A move back below US$4,600 would shift attention toward the previous breakout zone around US$4,500–4,550.

Longer term, concerns surrounding the US fiscal outlook and potential currency debasement remain an important structural support for bullion. The Treasury's buyback announcement has reinforced investor concerns that efforts to manage rising long-term yields may ultimately place more pressure on the US dollar. This environment could continue to support demand for gold as a hedge against currency weakness, inflation risk and broader financial-market uncertainty.

For long-term investors, gold's move above US$4,600 strengthens the view that the July correction was followed by a meaningful bullish recovery. However, after such a strong multi-week advance, volatility and short-term corrections should be expected.

For active traders, the combination of US Treasury policy, bond yields, US dollar movements and changing Federal Reserve expectations could continue to create opportunities in both directions. Gold CFDs allow traders to take long or short positions on gold price movements without needing to buy, transport or store physical bullion.

If you don't want to buy and store physical gold, Gold CFDs offer a flexible way to speculate on gold price movements.

With Mitrade, Australian investors can trade XAU/USD CFDs in just a few steps:

Step 1. Open a Free Mitrade Account: Register online and complete the account verification process.

Step 2. Fund Your Account: Deposit funds using your preferred payment method. You can also start with a free demo account before risking real capital.

Step 3. Search for XAU/USD: Locate Gold (XAU/USD) on the trading platform and review the latest market charts and technical indicators.

Step 4. Choose Your Position

• Buy (Long): If you expect gold prices to rebound.

• Sell (Short): If you believe the recent downtrend will continue.

Step 5. Manage Your Risk: Set stop-loss and take-profit orders before opening your trade. Position sizing and disciplined risk management are particularly important during periods of heightened volatility.

Why Trade Gold CFDs with Mitrade?

✔ Trade rising and falling gold markets

✔ Competitive spreads with no physical storage costs

✔ Mobile and desktop trading platforms

✔ Real-time charts and technical analysis tools

✔ Free demo account for beginners

✔ Access to multiple global markets from one account

As gold rallies back above US$4,600 and precious metals experience their strongest gains in weeks, market volatility is creating fresh trading opportunities. Gold CFDs allow traders to respond quickly to fast-moving price action—without the need to purchase, transport, or store physical bullion. Whether you're looking to capture the current bullish momentum or hedge against potential pullbacks, Gold CFDs offer a flexible way to trade both rising and falling markets. 

Start Trading Gold in 3 Simple Steps

1

Open an Account

2

Fund Your Account

3

Trade Gold CFDs

Open a Gold Trading Account

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