Shaw and Partners Mining and Metals Analyst Peter O’Connor says gold prices surged over the past two months as gold has been driven by “monetary policy”.
“The US dollar has been the biggest headwind to gold and to commodities over the last three, six, twelve months and that change on 26th of September - that’s what’s driven it,” Mr O’Connor said.
“The US dollar price has now broken out of its downtrend which it started in mid-April this year.
“And the Australian dollar gold price has also broken out of its downtrend.”
