Dollar weakness has gold sparkling

JOHANNESBURG – Gold regained its $2 000 (R34 847) an ounce level yesterday on continuing dollar weakness, helping JSE-listed bullion stocks to celebrate solid gains.

Yesterday bullion touched $2 013.16 an ounce, up 1.59 percent from the previous close of $1 981.35 an ounce, resulting in the JSE gold mining index flirting with the 6 112 point level after a 2.84 percent climb.

Gold stocks fared well with DRDGold, which has been the world’s best performing gold stock this year, jumping 4.08 percent to R27.03 a share in intraday trade yesterday. Later it closed at R26.01, up 0.15 percent.

Gold Fields climbed 3.42 percent to R230.94 a share in intraday trade (closing R222.58, down 0.32 percent), Sibanye-Stillwater was up 2 percent at R56.70 a share (closing at R54.35, down 2.23 percent), and Pan African Resources rose 3.83 percent to R5.97 a share (closing at R5.95, up 3.48 percent).

Harmony Gold Mining rose 4.4 percent to R113.83 a share (closing down 0.59 percent at R108.39), and AngloGold Ashanti was up 1.42 percent to R528.41 a share (closing down 1.55 percent at R512.95).