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Gold price hits Australian dollar record as global tensions escalate

Gold pushed through to  $3106.57 per ounce on Friday morning, hitting a record in the Australian dollar.

More to come with JP Morgan predicting the gold price to hit US$2,175/oz in 2024, at today’s exchange rate, that figure would mean an Australian dollar price of A$3,443/oz.

Potential for further rises

Gold has been recovering from a recent pullback, stirred mainly by conflicts in the Middle East.

The $A needle hit A$3,086/oz in Wednesday trading in New York and needed only a nudge to push it up further the following session. As of midday Friday the gold price inched higher trading at A$3,133/oz.

The $A needle hit $3106.57/oz in Friday midday trade.

In greenback terms, gold has added US$162/oz over the past fortnight.

Now Islamic militants based in Lebanon are getting into frame of the conflict.

And, hovering above the Middle East, is the daunting prospect of Iran getting involved, a move that would be catastrophic both for Israel and the oil price.