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Evolution Mining (ASX:EVN) is leading the local gold miners higher after the price of gold spiked $US41.40 to $US1,314 an ounce for the August contract on Comex.
The precious metal price jumped more than 3 per cent to book its best day in eight months after the US Federal Reserve signaled rates won’t be heading higher for some time.
Rising tensions in the Middle East also gave investors reason to leap back into precious metals with silver rising up to 5 per cent and platinum and palladium prices also lifting.
The gains have rippled over to the local bourse with the gold miners dominating the top 200’s top ten best performing stocks in morning trade.
Evolution Mining (ASX:EVN) has lifted more than 7 per cent while Newcrest Mining Limited (ASX:NCM), Regis Resources Limited (ASX:RRL) and Resolute Mining Limited (ASX:RSG) are up about 5 per cent.
Gold miners Independence Group NL(ASX:IGO) and Beadell Resources Limited (ASX:BDR) are also high up the top performers in morning trade.
Evolution Mining reported a net profit of $35.4 million in the first half of the 2014 financial year.
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