Gold Stocks Dodge Drop as Risk Aversion Hits South Africa Assets
- Rand tumbles as investors seek havens from Brexit turmoil
- Gold rally ‘impressive,’ ETM Analytics’ Van Deventer says
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Gold producers escaped the worst of a two-day sell-off in South Africa as investors around the world switched to safer assets.
While the rand headed for its biggest decline against the dollar in a week and was the second-worst performer in emerging markets, South Africa’s gold mining index jumped to the highest since February 2012 as investors sought havens from turmoil following the U.K. vote to leave the European Union.