Spot gold prices plunged the most in a month overnight, as US consumer confidence rose, and the US dollar followed suit.

The spot gold price fell 0.8% to US$1,327 an ounce overnight, while gold futures fell 1% to SU$1,330 an ounce in New York – the biggest fall since august 24.

Australia’s gold miners are being hammered, as investors bet that more falls could be ahead. These were among the worst performers…

Company Last Price Change
OceanaGold Corporation (ASX: OGC) $3.90 -10.34%
Resolute Mining Limited (ASX: RSG) $2.02 -7.76%
Beadell Resources Ltd (ASX: BDR) $0.41 -5.68%
Red 5 Limited (ASX: RED) $0.12 -4.17%
Alacer Gold Corp – CDI (ASX: AQG) $3.45 -3.63%
Metals X Limited (ASX: MLX) $1.41 -3.29%
Newcrest Mining Limited (ASX: NCM) $22.27 -3.09%
Alkane Resources Limited (ASX: ALK) $0.47 -3.12%
Birimian Ltd (ASX: BGS) $0.47 -3.09%
Medusa Mining Limited (ASX: MML) $0.74 -2.65%
EVOLUTION FPO (ASX: EVN) $2.52 -0.59%

Source: Google Finance

Although OceanaGold has its own worries with concerns its mine in the Philippines may be forced to close following an environmental audit.

We’ve long warned that gold prices were unsustainable, given the very high likelihood of the US raising interest rates in the near future. Looks like the chickens are coming home to roost.

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Motley Fool writer/analyst Mike King owns shares in Red 5 Limited. 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.