Gold hits new high in $A price
November 25, 2007 - 2:34PM
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The gold price in Australian dollars has hit an all-time high, closing the week at over $A940 per ounce, after the price in US dollars rose on Friday night and the "Aussie" eased.
Mining consultants Surbiton Associates Pty Ltd said on Sunday the spot price for gold closed at $US823.75 and the Australian dollar at 87.39 US cents - equivalent to an Australian spot gold price of $A942.61 per ounce and well above the daily high of $A933.20 on May 12, 2006.
"This record price may have gone higher, but the Australian dollar strengthened late on Friday, which tended to dampen the upward movement in Aussie dollar terms," Surbiton director Dr Sandra Close said.
"At current exchange rates, a half-cent change in the Australian dollar moves the Australian gold price by about $A5 an ounce."
Dr Close said that unlike the Australian-dollar gold price, the US-dollar gold price was yet to break its all-time high.
She said that earlier this month, the US-dollar gold price came within $US5 of the record $US850 an ounce set on January 21, 1980.
But the price of gold fell to around $US774 per ounce last Tuesday, before rising again strongly at the end of the week.
Dr Close said the volatility in gold prices reflected general uncertainty in world markets, but investment in gold was increasing.
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