The S&P/ASX 300 (Index: ^AXKO) (ASX: XKO) might be down 0.8% at 5,339.9 points, but it's not because of the gold miners, which have staged a huge rally today.
As the table below shows, gold miners are in positive territory as the S&P/ASX All Ords Gold (Indexasx: XGD) (ASX: XGD) gains 3.4%.
| Company | Price | Market Cap | Gain |
| Perseus Mining Limited (ASX: PRU) | $0.51 | $93.6 | 9.0% |
| Medusa Mining Limited (ASX: MML) | $0.67 | $139.2 | 8.9% |
| Resolute Mining Limited (ASX: RSG) | $1.90 | $286.0 | 7.6% |
| Beadell Resources Ltd (ASX: BDR) | $0.38 | $397.8 | 7.7% |
| Millennium Minerals Ltd. (ASX: MOY) | $0.32 | $245.9 | 6.6% |
| EVOLUTION FPO (ASX: EVN) | $2.28 | $3,359.6 | 6.3% |
| Saracen Mineral Holdings Limited (ASX: SAR) | $1.34 | $1,080.3 | 5.9% |
| Regis Resources Limited (ASX: RRL) | $3.83 | $1,912.8 | 5.4% |
| Alkane Resources Limited (ASX: ALK) | $0.31 | $151.5 | 5.2% |
| St Barbara Ltd (ASX: SBM) | $2.91 | $1,449.7 | 4.9% |
| Troy Resources Ltd (ASX: TRY) | $0.42 | $143.1 | 5.0% |
| OceanaGold Corporation (ASX: OGC) | $4.39 | $2,669.7 | 4.7% |
| Ramelius Resources Limited (ASX: RMS) | $0.49 | $254.7 | 4.3% |
| Northern Star Resources Ltd (ASX: NST) | $4.12 | $2,474.2 | 2.7% |
| Newcrest Mining Limited (ASX: NCM) | $22.30 | $17,089.4 | 2.8% |
Source; Google Finance
The Spot gold price didn't surge overnight, despite the gains today, instead gaining 0.4% to close at around US$1,314 an ounce overnight.
More gains could be on the way, with US nonfarm payroll data out tonight, and expected to set the tone for gold and other assets. The US Federal Reserve is keen to start raising interest rates, but will likely want a solid employment report to help justify the move.
Foolish takeaway
Sooner or later, the US is going to start raising interest rates – which will have a negative impact on gold prices and the share prices of gold miners like those listed above. It doesn't pay to play chicken with the US Fed.
