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Local miners shine as gold price jumps by nearly $20

Spot gold has gained more than $20 US an ounce this morning, to $1,317 US an ounce.

Market analysts say the rise is probably due to the election result in Japan which will ensure monetary stimulus continues to flow there.

Shares in Australia's biggest gold miner Newcrest are almost six per cent higher.

Chief market analyst at Invast, Peter Esho, says Australia's listed gold producers will continue to be supported if the enthusiasm for gold continues.

"The gold price in Aussie dollar terms is at quite healthy levels," he said.

"I think we'll continue to see the Australian listed gold producers do well as long as the Aussie is sub-parity and the gold price is anywhere north of $1,300 an ounce."

http://www.abc.net.au/news/2013-07-22/australian-gold-miners-jump-in-local-trade/4835460?section=business