Gold for December delivery soared 4.2% to US$1,364.10 on Wednesday, which is the best day for the yellow metal in electronic trading in New York since March 2009, following the Federal Reserve unexpectedly refraining from tapering.
The firmer gold price will provide some upward momentum at the open for Australian listed gold stocks such as Silver Lake Resources (ASX:SLR), Millennium Minerals (ASX:MOY), ABM Resources (ASX:ABU), Medusa Mining (ASX:MML) and Newcrest Mining (ASX:NCM).
Trading on the Comex was 39% above the average for the past 100 days for this time of the day, according to data compiled by Bloomberg.
Currently in the spot market gold is trading at around US$1361 an ounce. Spot is down around one per cent from a month ago, and 23% from year ago.
Worth noting gold futures came within three percentage points of entering a bull market in last August, as the threat of military action in Syria boosted the metals appeal.
Prices that fell into a bear market in April are heading for the first annual decline in 13 years.
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