Gold price hits record high, gold stocks follow

The gold price touched an all-time high today in Australian dollar terms, sending the shares of many of the country’s gold miners surging, led by Resolute Mining and Northern Star Resources.

According index website Gold Price, the gold price today hovered around $2,040 per ounce at 2.30pm AEST, higher than the record $2,033.25 closing price it achieved on June 25 last month.

One year ago, the gold price was around $1,660/oz.

Economic geologist and mining analyst Brent Cook told delegates at the Noosa Mining & Exploration Conference yesterday that the gold price was reciprocal of the US dollar.

"It's all about the global confidence in the US and its dollar and that confidence is declining,” he said.

“I think we're seeing that in the rising gold price in all currencies.”

Mr Cook added that US trade wars, broken international agreements and a general slowing in world economic growth were key reasons for the turnaround in bullion's value.

"Policy by tweet, a number of material political issues … it's a long list," he said.

Resolute Mining, Northern Star Resources, and St Barbara were the top three performing stocks among the ASX 200 today, with increases of 7.38 per cent, 5.86 per cent and 5.64 per cent respectively.

Northern Star has traded at a record high throughout today, reaching a peak of $13.55 each at 11.45am AEST.

Other gold miners enjoying solid gains included Regis Resources (up 4.93 per cent), Evolution Mining (up 4.4 per cent) and Saracen Mineral Holdings (up 2.98 per cent).

Shares in the company were $6.94 one year ago.