BBC NEWSAmericasAfricaEuropeMiddle EastSouth AsiaAsia Pacific
BBCiNEWS  SPORT  WEATHER  WORLD SERVICE  A-Z INDEX    

BBC News World Edition
    You are in: Business 
News Front Page
Africa
Americas
Asia-Pacific
Europe
Middle East
South Asia
UK
Business
E-Commerce
Economy
Market Data
Entertainment
Science/Nature
Technology
Health
-------------
Talking Point
-------------
Country Profiles
In Depth
-------------
Programmes
-------------
BBC Sport
News image
BBC Weather
News image
SERVICES
-------------
EDITIONS
 Tuesday, 24 December, 2002, 13:57 GMT
Gold surge aids South African miners
Gold display case
Gold is a safe haven in uncertain times
South Africa's gold producers are benefiting from soaring prices for the precious metal.

Fears that the US could strike Iraq as early as January are driving up the price of gold to levels not seen for six years.

The lacklustre performance of stock markets around the world has contributed to the drive with investors seeking reliable places for their money.

So while South Africa's stock market has generally been listless, mining shares are now providing a boost.

A month of gains

As the market was closing on Tuesday for the break, gold prices had climbed as much as 1.4% to $348.35 an ounce.

AngloGold's shares rose 2% to 584.5 (�41.41; $65.99) rand, while Harmony Mining added 0.8% to 151.76 rand and Durban Roedepoort gained 1.1% to 36 rand.

In contrast, the broader market had ended the half-day session on a low note, with the Johannesburg All-Share index ending 0.22% down at 9,362.29.

Over the past month, all three companies' shares have scored significant gains. AngloGold has risen more than 20% since 24 November, while Harmony is up almost 30% and Durban up 25%.

See also:

19 Dec 02 | Americas
19 Dec 02 | Business
04 Dec 02 | Middle East
04 Sep 02 | Middle East
22 May 02 | Business
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


E-mail this story to a friend

Links to more Business stories

© BBC^^ Back to top

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East |
South Asia | UK | Business | Entertainment | Science/Nature |
Technology | Health | Talking Point | Country Profiles | In Depth |
Programmes