MARKET WRAP: Gold miners soar as risk aversion strikes

As investors dumped risk assets on Thursday following dour economic projections by the US Federal Reserve, gold miners on the JSE leapt more than 10% as safe havens became the order of the day.

“Risk aversion escalated sharply today, as market players digested the extent of the weakness of the US federal open market committee’s economic forecasts, which see an extremely deep recession for the US this year,” Investec chief economist Annabel Bishop said.