Rand price of gold hits record high, boosting SA's mining groups | Business

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Shares in South African gold mining groups rallied on Thursday as the rand price of gold traded at record highs partly thanks to expectations that the US Federal Reserve may start reducing interest rates to support the slowing economy. | News24_Business

Shares in South African gold mining groups rallied on Thursday as the rand price of gold traded at record highs partly thanks to expectations that the US Federal Reserve may start reducing interest rates to support the slowing economy.Shares in Harmony Gold, which also announced it was closer to launching a copper-gold operation in Papua New Gunea, were up 2.8%. Gold Fields was 1.7% higher, Sibanye Stillwater was 1.9% up, and Anglogold Ashanti was 1.1% higher.

Gold is set to outperform as recession fears mount, and amid expectations that high inflation coupled with lower interest rates will keep real rates low or negative, Hammond said. Local asset manager Vestact said in a note on Thursday that traders were shifting their attention away from March's banking turmoil to the slowing US economy.

A report on Wednesday from payroll-processing firm ADP showed that private sector employment rose by about 145 000 in March, down from the 261 000 gain in February, and below economists' expectations.A deep dive into the big business story of the week, as well as expert analysis of markets and trends."Traders will get another look at the health of the US economy on Friday with the release of the widely watched non-farm payrolls report," Vestact said.

 

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_Business Why is the US dollar still influencing our economy thought we are part BRICS

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