As gold prices keep hitting record highs, Jefferies analysts said shares of companies that mine the precious metal could still have room to rise.

Barrick Gold (GOLD), one of the largest gold miners in the world, has enjoyed a stellar stock market rally this year, aided by surging gold

Gold miners made up the 16 worst performing ASX 200 stocks at 11am AEST, in a reversal of Tuesday's rally . The numbers: Genesis Minerals (-8.9%), Ramelius Resources (-8.3%) and Vault Minerals (-8.1%) were worst hit by the selloff,