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Comex gold futures last traded at $1304/oz, following no US rate rise overnight, while Australian dollar spot gold reached a new 2016 high of $A1763.
Gold miners responded accordingly, notching up a 3.1% rise within the benchmark ASX 200.
Northern Star Resources, Evolution Mining and Dacian Gold all hit new record highs, with Northern Star closing above $A5 for the first time.
At today’s closing prices, Northern Star is capitalised at just over $3 billion, while Evolution is worth close to $3.6 billion.
The rest of the mining sector also outperformed much of the broader market, which closed flat.
Mount Gibson Iron shares jumped 22.5% to 24.5c after the company received an $86 million insurance payout for 2014’s Koolan Island seawall failure which flooded the pit and suspended the mine.
Mineral sands miner Base Resources gained nearly 21% in what was its second 20%-plus rise in a week.
Corazon Mining finished nearly 43% higher after signing an option to acquire a high-grade cobalt project in New South Wales.
Gold junior Tanga Resources jumped 26% before calling a trading halt over exploration results from its Winston project in Tanzania.
Torian Resources and Argent Resources gained more than 20% after releasing positive drill results yesterday.
And Kingsgate Consolidated requested an extension of its trading suspension over ongoing uncertainty relating to its Thailand gold mine.
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