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.”