Australians have raced to gold dealers as the price of gold surged to a record high of $4000 USD per troy ounce.

The precious metal hit a new milestone on Wednesday as major investors looked to the “safe haven” currency in the face of market volatility.

Gold dealer ABC Bullion in Sydney’s Martin Place was buzzing on Wednesday morning as a crowd of mostly retirees and families waited around the entrance.

One family told news.com.au they were hoping to buy 20 grams of gold and a few grams of silver, which would set them back over $6000.