Gold stocks rally as bullion prices touch record high

The news: Gold miners were among the top performers after morning trade on the ASX as gold prices surged to a record high.

The numbers: Westgold Resources (+5.6%), Catalyst Metals (+4.7%) and Vault Minerals (+4.5%) made up three of the four top gainers on the ASX 200 at 12:25pm AEST. Materials, up 2.2%, was the best performing sector as the ASX 200 rose 1.1%.

Spot gold was flat at USD3,865 an ounce, after hitting a record peak of USD3,895.

The context: Gold prices were driven higher by a weaker US dollar and safe-haven demand amid the US government shutdown. Softer-than-expected jobs data in the US also lifted expectations that the US Federal Reserve will cut interest rates this month.