The yellow metal was trading at R735443 per kilogram on Friday, and at $1508.85 per ounce (R22657.60). Over 10 years, it reached a high of more than $1800 per ounce in 2012.
To give a better idea of how it has increased, consider that a year ago it was trading around $1200 per ounce, which represents an increase of around 25percent.
This is a far better return than you would get from most South African equities at present. The metal has also hit record highs in euro and pound terms this year.
Finding reasons for the rising gold price is easy these days – an online search reveals some consensus in the view that increasing global trade tensions, diminishing global macroeconomic conditions and stock market volatility are the principle drivers.