A 1.6% fall in the spot gold price overnight has seen the ASX-listed gold miners hammered.

Spot gold fell 1.6% to US$1,333 an ounce after peaking at US$1,370 an ounce earlier this month as the chart below indicates.

Spot gold price 13 Jul 2016

Source: Kitco.com

The fall has been blamed on stronger US economic data, particularly after US non-farm employment data for June 2016 easily beat market expectations. That could see the US Federal Reserve push ahead with its plans to raise interest rates – making bonds more attractive and gold less attractive.

In early trading, gold miners have seen their share prices sink as the following table shows.

Company Fall
Burey Gold Limited (ASX: BYR) -9.5%
Orinoco Gold Ltd (ASX: OGX) -6.9%
Troy Resources Ltd (ASX: TRY) -6.7%
Blackham Resources Ltd (ASX: BLK) -6.5%
St Barbara Ltd (ASX: SBM) -4.4%
Ramelius Resources Limited (ASX: RMS) -4.2%
Resolute Mining Limited (ASX: RSG) -4.2%
Beadell Resources Ltd (ASX: BDR) -4.0%
Regis Resources Limited (ASX: RRL) -4.0%
EVOLUTION FPO (ASX: EVN) -3.9%
Silver Lake Resources Limited. (ASX: SLR) -3.8%
Perseus Mining Limited (ASX: PRU) -3.4%
Newcrest Mining Limited (ASX: NCM) -3.2%
Northern Star Resources Ltd (ASX: NST) -3.1%
OceanaGold Corporation (ASX: OGC) -2.8%

Source: Google Finance

However, the falls may be overdone, given many Australian-based miners are making huge margins on gold priced in Australian dollars. With an exchange rate of around 76.13 US cents, that equates to a price of A$1,754 an ounce. A number of the miners listed above have all in sustaining costs of around A$1,000 an ounce, so they are making substantial margins.

Foolish takeaway

As the US economy continues to strengthen, despite woes in other parts of the world – like Europe and China – gold is likely to come under more selling pressure. That could see the gold miners hit even harder.

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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

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.