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.

How 1 Man Turned $10,600 Into Over $8 Million in the stock market

Discover how one man turned a modest $10,600 investment into an $8,016,867 fortune. Learn more about this man and how you can start down the path toward financial independence. Simply click here to learn more. No credit card required - this is free.

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

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.