Knife-wielding man shot by police

A knife-wielding man has been shot by police in a terrifying showdown on the Gold Coast overnight.

A crime scene has been set up in the small residential street as police continue investigate the incident.

Officers were called to Wentworth Avenue at Molendinar just after 10.30pm yesterday following reports the man, 49, was armed with two knives and was causing a disturbance in the street.

Police will allege the man, who was from the Molendinar area, ignored demands to drop his weapons, and charged towards officers.

A police spokeswoman said officers at the scene unleashed "a number of shots" from their guns, hitting him several times in the chest.

This morning the man was recovering in Gold Coast University Hospital in a stable condition.

The Police Union is offering support to officers who attended the confronting scene.

The police Ethical Standard Command will investigate the circumstances surrounding the incident.