Hundreds lined up at bullion retailers across Australia on Thursday as gold prices surged again, with the precious metal reaching another record high.

The queues at retailers were building up last week, but a meteoric overnight rise in the gold price saw queues stretching around the block at the big traders in the capital cities.

Thursday morning Australian time, gold rose to a new record above $US4200/oz, as silver lifted above a record $US52/oz.

“The surge in both precious metals since the beginning of this year has been nothing short of spectacular,” Commonwealth Bank head of commodities Vivek Dhar said.

“It’s worth noting though that other precious metals have been surging too. Palladium has increased 75 per cent, while platinum has sky‑rocketed 87 per cent since the start of the y

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