The US Federal Reserve delivered shareholders in gold miners a nice bonus overnight, signalling that interest rates would remain on hold amid uncertainty over global growth.

The spot gold price gained 1.4% to US$1,239.35 an ounce overnight, but the likelihood of low interest rates for longer means gold is likely to retain its status as a safe haven.

Rising US interest rates would likely mean a rising US dollar, and more demand for US dollar-priced assets such as fixed interest securities, bonds and the like, and less demand for gold.

Continued global uncertainty also means investors are more than happy to retain their gold holdings and even shift some of the portfolios to the gleaming metal.

At the start of trading on the ASX, the S&P/ASX All Ords Gold (Index: ^AXGD) (ASX: XGD) had jumped more than 5%, recovering the losses from last Thursday, but still down for the week. Among the miners, Beadell Resources Ltd (ASX: BDR) had soared 11.5%, Resolute Mining Limited (ASX: RSG) was up 9.8%, Troy Resources Ltd (ASX: TRY) 9%, Kingsgate Consolidated Ltd (ASX: KCN) 8.5% and Evolution FPO (ASX: EVN) up 5.7%.

Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) were up 5.2% and 5% respectively.

Working against Australian-based miners is the soaring Australian dollar – which is currently buying around US 76 cents. As the Aussie dollar rises, the miners receive less for selling their gold in US dollars.

Foolish takeaway

Gold miners are making a motza at the moment with the Australian dollar price of gold at around A$1,630 an ounce and average all-in sustaining costs of between $1,000 and $1,100 an ounce. Unfortunately for investors, the share prices of many gold miners reflect that potential.

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Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.