The S&P500 closed down more than 3.3% and the S&P/TSX Composite Index recorded its biggest daily drop in more than three years, while London also closed lower.

However the situation did provide for a promising lift in the gold price, which was up about US$4 an ounce on this time yesterday to more than US$1,193/oz on the spot market.

Investors subsequently sent Australian gold equities higher in today's trade, with all of the top five gains in the S&P/ASX200 made by gold miners.

Evolution Mining (ASX: EVN) and St Barbara (ASX: SBM) led the way, both with gains of more than 6%.

Evolution's board had today approved the underground development and stage four pit cut-back at its high-margin Mt Carlton mine, with first ore expected in FY2021.

St Barbara meanwhile has awarded the contract to expand the gas-fired power station at its Gwalia gold mine as part of its extension.

In Toronto, the gold sector closed up 2.32% yesterday with Pretium Resources (TSX: PVG) closing up a further 6.6% as investors appreciated its improved quarterly production at its Brucejack mine.