Gold popped up above US$1,472 per ounce at around 8.00am AEST as the US Treasury designates China as a currency manipulator.
Under US law, the Secretary must consider whether countries manipulate the rate of exchange between their currency and the US dollar.
Secretary Mnuchin, under the auspices of President Trump, has today determined that China is a Currency Manipulator.
Furthermore, with the AUD buying 67.5 US cents, the gold price in AUD is at a new all-time high of A$2,180 per ounce.
The higher the gold price continues to climb, the more profitable the producers become.
Furthermore, the VanEck Vectors Junior Gold Miners ETF (NYSEARCA:GDXJ) was up 4.2% overnight to US$41.10.