SIGN UP for our newsletter ✉️ :

Get the latest stories delivered straight to you

Australian dollar gold price climbs to record heights

The Australian dollar gold price has hit a record high as investors seek safety following the collapse of several United States banks.

The precious metal reached $A2874 per ounce overnight, exceeding the previous record of $A2868 from August 2020, according to gold mining consultants Surbiton Associates.

Surbiton director Sandra Close said it resulted from a combination of a high gold price in US dollar terms and a lower Australian dollar exchange rate.

"US dollar gold prices have surged in the last few days due to the failure of three US banks, including Silicon Valley Bank, the 16th largest bank in the US," Dr Close said on Thursday.

"Yesterday's public disclosure of Credit Suisse's problems has now further destabilised the market.

"Gold is the ultimate safe-haven. It is no-one's liability."

Dr Close said local producers were enjoying high profit margins as a result of the higher Australian dollar gold price.

Gold miners Newcrest and Northern Star were up about 0.5 per cent in Thursday's trade on the ASX.