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Gold price spikes high in Aussie dollars

Topics [ gold prices ]

GOLD PRICE

When the nightly newscaster reports the price of gold per troy oz, more often than not it is quoted in US dollars. That’s because gold is traded on commodities markets in US dollars. Of more interest to investors in Australia, however, is the price of gold in our local currency.

Gold looks more affordable in Australia when the Aussie rises against the US dollar. Conversely, it becomes more expensive when the Aussie weakens against US dollar. So whether you’re buying or selling gold, it makes sense to keep an eye on this important relationship.

 

The red line in this graph shows the price of gold* in US dollars for the past six months. The blue line shows the gold price in Australian dollar terms over the same period. The latter reflects not only the inherent value of gold, but also the relative strength of the Aussie against the Greenback.

Amid Brexit and other global concerns, gold priced in Australian dollars is currently near record highs at around AU$1,800.

*Perth Mint Spot Price

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