Gold surges as banking crisis fuels safe-haven demand.
TL;DR Summary
The global banking crisis has led to a surge in demand for gold as a safe-haven asset, with Australia seeing record prices for the yellow metal. Spot gold against the Aussie dollar reached a session high of A$2,922.36 an ounce, while gold prices against the Aussie dollar are up more than 8% so far this year. The price of gold can have a significant impact on Australia's economy as it is the world's second-largest gold-producing nation.
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