Australian gold miners are enjoying a renaissance

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Australia’s All Ordinaries gold index enjoyed another strong day today, rallying a further 2.29%. It closed the session at 2909.4 points, the highest closing level since September 4, 2013. Year-to-date it has now jumped by an impressive 42.1%.

As the chart below reveals, it’s fared far better than the broader All Ordinaries index, which sits down 2.94% over the same period.

Yes, thanks to the falling Australian dollar, Australian listed gold stocks have found some lustre of late.

As you can see in the chart below, the performance of the All Ordinaries gold index mirrors movements in gold when priced in Australian dollar terms.

As of 4.30pm AEDT, the spot gold price currently sits at $1,172.80 an ounce in US dollar terms, a level last seen on July 6.

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