Unfortunately it hasn’t been a good week for the investors of Australia’s leading gold producers. Following a steep decline at the start of the week, the spot gold price continued to sink lower in overnight trading.

Strong economic data out of the United States this week has bolstered the case for the Federal Reserve to raise interest rates before the end of the year.

This caused the spot gold price to drop to a four-month low of US$1,250 an ounce. Although it has since recovered slightly to US$1,258 an ounce, it is still almost US$100 an ounce lower than where it was just a month ago.

As you might expect the shares of Australian gold producers have dropped today in response to these declines. At the time of writing the S&P/ASX All Ords Gold (Index: ^AXGD) (ASX: XGD) is lower by almost 3%, with the following shares contributing strongly to these declines.

Company Share Price Market Cap Change
Newcrest Mining Limited (ASX: NCM) $20.33 $15.5Bn -2.9%
Northern Star Resources Ltd (ASX: NST) $3.86 $2.3Bn -1.1%
Regis Resources Limited (ASX: RRL) $3.34 $1.7Bn -3.3%
Resolute Mining Limited (ASX: RSG) $1.64 $1.2Bn -4.6%
Saracen Mineral Holdings Limited (ASX: SAR) $1.18 $950M -2.9%
St Barbara Ltd (ASX: SBM) $2.71 $1.3Bn -2.2%
Troy Resources Ltd (ASX: TRY) 36 cents $163M -2.7%

Unfortunately I expect the gold price could come under more pressure over the next couple of months as the Fed meetings draw closer.

This could potential drag the gold price and the miners down even lower. For this reason I feel that now might be a great time to take profits and look elsewhere in the market.

So instead of risking money in the miners I would highly recommend investing it in these rapidly growing shares instead.

Why These 3 Blue Chip Shares Are Set to Soar in 2016

Discover The Motley Fool's Top 3 blue chips for 2016. These 3 'new breed' shares pay fully franked dividends AND offer the prospect of significant capital appreciation. Simply click here to gain access to this comprehensive FREE investment report.

No credit card required!

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 contributor James Mickleboro has no position in any stocks mentioned. 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.