...the positive impact to AUD Gold is typically larger under a...

...the positive impact to AUD Gold is typically larger under a weaker AUD and at least modestly higher gold price than a strong AUD under a stronger gold price.
...So AUD Gold will do wildly better when equities crater, USD rises with Gold and a collapsing AUD (Risk Off).
...Imagine a $2800 Gold with AUD at 62c, we get A$4516 Gold; $3000 Gold with AUD at 70c we get A$4285 Gold
...So while Gold rally with equities, USD Gold will do better while AUD Gold will do better when Gold rally after the market crashes.

Aussie Gold heading above 4000k
https://x.com/great_martis/status/1842314852527935884