Gold surged to an all-time Australian dollar high of more than $A2,000 yesterday as the price exploded in electronic trading in the wake of the Fed’s more obvious tilt towards a wait and sit stance on the next rate move, which is now almost certainly will be a cut.
In electronic trading, August gold soared $US33.50, or 2.5%, to $US1,382.20 an ounce and then added another $US5 in Asian dealings to trade around $US1,387 an ounce.
On a continuous contract basis, gold was trading at its highest level since September 2013, according to FactSet data.
At 69 US cents, the Aussie dollar price (of the Comex futures price) jumped above $A2,000 an ounce during Thursday day trading in Asia and rose towards $A2,010 as the price moved to $US1,387 an ounce.
The weakening US dollar helped push the gold price higher and the Australian dollar as well – it rose from around 68.70 early Thursday to around the 69.10 US cent mark in early European dealings last night.
Comex gold futures are up nearly 9% in the last month and nearly 5% in the past week alone.
