The Australian dollar hit a six-week high above 74 US cents on Wednesday, boosted by surging metals prices and negative sentiment towards the US dollar as markets anticipate a peak in US interest rates.
Spot gold rose as much as $4 an ounce to touch a fresh 25-year high at $624.40 an ounce in Asia, with the Aussie dollar swept up in the gold rush thanks to Australia's status as the world's second-biggest producer of bullion behind South Africa.
One Aussie dollar bought $0.7425/30. It traded a $0.7412-$0.7443 range on Wednesday, amid talk of vigorous option defences looming at $0.7450. It had traded a $0.7374-$0.7429 range offshore.