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South African Gold Stocks Rise to 2-Month High as Metal Rebounds

Aug. 16 (Bloomberg) -- An index of South African gold mine operators including AngloGold Ashanti Ltd. rose to the highest in two months after a rebound in the metal’s price.

The FTSE/JSE Africa Gold Mining Index advanced as much as 8.6 percent to 1,445.80 points, the highest level since June 13. Gold climbed overnight, and is up 2.7 percent at $1,362 an ounce since the Johannesburg Stock Exchange closed yesterday.

The move is “on safe haven and technical buying,” said David Davis, an SBG Securities Ltd. analyst in Johannesburg.

The gold mining index jumped 7.3 percent to 1,428.04 as of 11:18 a.m. in Johannesburg. AngloGold rose 9.1 percent to 147.83 rand and Harmony Gold Mining Co. gained 7 percent to 41.69 rand.

To contact the reporter on this story: Kevin Crowley in Johannesburg at kcrowley1@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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