South Africa, once the world’s gold powerhouse, is now only the globe’s eighth largest producer of the yellow metal and the only real benefit the country is seeing from record prices is the psychological impact on shares in the gold mining sector and the rand.
Overnight, Gold miners, Sibanye Stillwater, AngloGold Ashanti, Gold Fields and Harmony Gold Mining Company advanced 6.8%, 4.1%, 3.1% and 2.9%, respectively, data from Anchor Capital showed.
US President Donald Trump’s trade tariff war, especially with escalating tensions between America and China, has caused concerns over a recession on that country and a spillover effect in terms of slower economic growth across the globe.
As a result, the dollar is moving down and gold – long perceived as a safe haven for investors – is hitting…