MARKET WRAP: Platinum miners erase 2020 loses despite still-lower metal price

Platinum miners led gains on the JSE on Wednesday, with the index now having erased all of its 2020 losses, while the gold price broke above the psychologically important $1,800/oz as a resurgence in Covid-19 cases continues to drive skittish markets.

As the world battles with uncertainty surrounding the pandemic, hawks have rushed into gold, pushing the spot price above the psychologically important $1,800/oz, its highest level since 2011“The gold price is striving towards a new all-time high, while [other] commodity prices are in the process of recovering from their collapse in March, as optimism, if patchy, continues to build on the global recovery,” said Investec chief economist Annabel Bishop.

The JSE all share ended on Wednesday up 1.13% to 55,870.69 points and the top 40 rose 1.25%. Platinum miners leapt 5.82%, banks 4.21% and gold miners 3.49%.

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