https://www.engineeringnews.co.za
Gold
Gold
gold

Australian gold price hits a high note

19th October 2023

     

Font size: - +

PERTH (miningweekly.com) – The Australian dollar gold price hit a record of A$3 086/oz in New York trading overnight, beating the old Australian record of A$3 073/oz, set less than a week ago on 13 October 2023.

Wednesday, the afternoon gold price was fixed by the London Bullion Market Association at $1 928.20/oz. This compares with $1 918.50/oz the previous day. The US dollar gold price touched $1 962.60/oz in New York trading overnight.

“The conflict between Israel and Palestine over the Gaza Strip is still deteriorating, prompting the flight to gold,” said Melbourne-based gold consultants Surbiton Associates director and gold expert Dr Sandra Close.

“Time and again gold has proved to be an important safe-haven during times of international conflict and uncertainty.”

“When calculating the price of gold in currencies other than the US dollar, the relevant exchange rate is vitally important. This is why gold can be at a record in Australian dollars while being below its peak price in US dollars.”

Close has repeatedly maintained that trying to predict the future is a completely futile exercise.

“The situation in the Middle East is yet another example of an event that nobody saw coming. Who would have thought that less than two weeks ago, such a terrible state of affairs would now prevail.

“Attempts to predict the future price of gold by technical analysis (charting), or any other means, do not work,” Close said.

“Thus, using tools such as trend lines, support and resistance levels, moving averages and Fibonacci retracements are about as useful in predicting the price of gold, as studying the entrails of a chicken.”

Edited by Creamer Media Reporter

Comments

Showroom

Victaulic
Victaulic

Since 1919, Victaulic’s innovative solutions and design services continue to increase construction productivity and reduce risk, ensuring projects...

VISIT SHOWROOM 
Rio-Carb
Rio-Carb

Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (12/07/2024)
12th July 2024 By: Martin Creamer
Magazine image
Magazine round up | 12 July 2024
12th July 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.429 0.485s - 190pq - 2rq
Subscribe Now