Yes. Commodities are down as they are priced in US dollars. So...

Yes.
Commodities are down as they are priced in US dollars.
So the US dollar has significantly risen— it is relative to the US Dollar, that commodities are down.

Different story when denominated in Australian dollars.

The falling $A against the US dollar, means that the AUD has fallen with the falls in commodities generally, including copper & gold prices which have been sold down; but priced in USD the commodity prices have been buffered and relative to the AUD less changed and can even be up.

Can look at it as money flowing into US dollars, and a selldown of all else.


Or even perversely see that more than anything, the USD has rallied to historic levels and everything else is priced and viewed from the US dollar perspective- denominated in US dollars.

When using the Aust dollar, or Euro or UK pound as the denominator for pricing , results are different.
The UK pound has cratered or fallen against the USD. Our Aust dollar is still strong, even risen against many other currencies including the UK pound & the Euro.

The overall result for us is that the price of gold has actually gone up a bit in AUD, since July.

And when being paid in US dollars for exported production - Aeris receives a higher Australian dollar final price once USD contracts are converted to AUD for AIS final revenue.

Gold has intrinsically actually performed well against the S&P500 index this year.
But POG been sold down, not immune to overall market selloff, including being because the world price is denominated in US dollars.