Australian gold mine shares crunched

Chris McGrath/Getty Images

Shares in Australian gold miners were hit hard after the price of gold took a steep fall.

Comex gold futures price fell 3.3% to $US1,269.70 per ounce, the biggest one-day fall in almost three years.

On the ASX, Oceanagold closed down 13.5% to $3.64, Northern Star 10% to $4.04, Evolution 7.9% to $2.33 and Saint Barbara 7.6% to $2.90..

Australian gold miners have recently enjoyed a resurgence as the price of the precious metals has risen and the Australian dollar has fallen, providing a cash flow bonanza.

Image: CommSec

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