A dramatic plunge in the gold price has not dampened the red-hot demand from retail investors looking to pile into the precious metal, with punters lining up for hours to buy gold nuggets.

Gold prices, which have climbed 60 per cent over the past year, hit a record high of $US4381 per ounce earlier this week before diving more than 5 per cent on Tuesday night to settle around $US4146.70.

But in Sydney, despite 36-degree heat, swarming flies and long lines, Jwalit Nayak and his wife Pranjali Nayak queued for over an hour at Sydney’s biggest gold dealer to pick up their 24-carat gold biscuit.

“It’s an asset which is not depreciating. You always get good value. In times of crisis, you can sell gold and actually get some money,” Jwalit said.

The recent gold surge has also coincided with Di

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