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Feb 10 2012 18:19
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Feb 10 2012 17:28
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Feb 10 2012 16:39
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Johannesburg - Gold stocks led the upside as the JSE extended gains by noon on Tuesday in what a trader said was an
indication that there was still an appetite for risk with the weaker dollar helping to boost gold.
At 12:00 the JSE all share index had added 1.09%, with resources up 1.47%, gold miners rising 3.44% and platinum producers collecting 0.60%.
Banks firmed 1.17%, financials were up 0.77% and industrials moved 0.82% higher.
The rand was bid at R7.33 to the dollar, from R7.38 when the JSE closed on Monday. Gold was quoted at $1 195.05 a troy ounce from $1 176.25/oz at the JSE's last close, and platinum was at $1 471.50/oz, from $1 450/oz
the bourse's previous close.
"Gold stocks are very, very strong. They have been lagging a bit. The dollar price of gold is up, the dollar has weakened again," the trader said.
"There is still an appetite for risk assets, but there is also still a chase for safe haven.
"I think it's the time of year where there is demand for gold, these gold shares have been lagging," he said.
"The appetite for risk in the market is still quite strong, and gold shares are leading the upside. There are some stocks that have been sold off and now we are seeing a bit of bargain hunting coming into the market. Dow futures are up at the moment, it looks like we will continue being positive," he added.
- I-Net Bridge