Gold Hits Record High: Impact on AUD/USD, USD/CHF Currency Pairs

Gold futures reached unprecedented levels above $2,750 per ounce, driving significant movements in commodity-linked currencies. AUD/USD gained 0.4% to 0.6820 as Australia's position as a major gold exporter boosted the Australian dollar. Conversely, USD/CHF fell 0.3% to 0.8650 as investors shifted from the safe-haven franc to gold amid geopolitical uncertainties. The precious metal's rally reflects persistent inflation concerns and central bank gold accumulation, with China and emerging markets leading purchases. Technical indicators suggest gold's momentum remains strong, with RSI readings above 70 indicating overbought conditions but continued bullish sentiment. For forex traders, the correlation between gold prices and commodity currencies presents opportunities, particularly in AUD/USD longs and CHF shorts. Near-term resistance for gold sits at $2,780, while support has formed at $2,720, suggesting further upside potential that could continue pressuring the US dollar against commodity currencies.