Gold hits a record high of AUD 2,030
- Gold hits record highs above AUD 2,000.
- Prices could continue to surge on dovish RBA expectations.
Gold continues to surge across the globe with prices hitting record highs in Australia Dollar (A$) terms.
XAU/AUD or gold prices in AUD terms is currently trading at A$ 2,028 per Oz, having hit a record high of A$ 2,023 per Oz soon before press time.
Meanwhile, XAU/USD or gold in USD terms is currently trading at $1,400 per Oz, the highest level since 2013.
On a month-to-date basis, gold is up 7% in AUD terms and 7.5% in USD terms.
However, in USD terms, the yellow metal is still down at least 27% from record highs above $1,900 registered in 2011.
Further, on a year-to-date basis, XAU/AUD is up 11%, while XAU/USD is up 9%.
Gold could continue to surge in Australian dollar terms as the Reserve Bank of Australia is widely expected to deliver two more rate cuts in 2019. Also, market is beginning to consider the possibility of the RBA eventually hitting the zero lower bound and embarking on unconventional policies like quantitative easing.