The Australian dollar has hit a one-week high, getting a boost from the rising gold price and a good performance on Asian sharemarkets.

At 5pm AEST, the local unit was trading at US92.59c, up from US92.22c yesterday.

During the local session it peaked at US92.86c, its highest level since July 17.

The Shanghai and Hong Kong sharemarkets rose around two per cent and the gold price has stayed above $US1300 a fine ounce for the entire local session for the first time in over a month.

The spot price of gold in Sydney finished at $US1331.05 today, up from $1317.70 yesterday.

CMC Markets sales trader Betty Lam said the gold price surge had helped the Australian dollar by putting downard pressure on the US dollar.

"The Aussie dollar is also the happy recipient of the recent gold love-fest," she said.