The financial crisis in Greece, and the resulting uncertainty in Europe, has pushed the gold price up to more record highs.
On Friday, the American price of the precious metal hit a record high of $US1250 an ounce.
While it's an all-time high in US currency, the price is still around $150 below the Australian record.
Surbiton Associates analyst Dr Sandra Close says when markets are turbulent, investors flock to gold.
"It has intrinsic value but it's a physical thing," she says.
"It's nobody else's. They're not going to change the bank notes or something.
"There's a real certainty and there's a very human aspect to it.
"I think over the millennia, humans have relied on gold."
One West Australian mining analyst believes the gold price will reach $1500 an ounce within the next three months.
Peter Strachan says the current demand for physical gold will push prices up by around 10 per cent.
"I would say that's a very doable target over the next two or three months, sort of $150 an ounce on where we are currently in Australian dollar terms, and virtually put the glasses down on that one, I would say."
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