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Gold stocks rise as rand weakens

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05/13/09 06:43

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Gold stocks rise as rand weakens

As the rand weakened sharply against the U.S. dollar on Monday, the local resource heavy index was helped along by a rally in gold stocks.~~

Harmony Gold gains 3.81%, ArcelorMittal SA jumped 4.76% and African Rainbow rises 3.90%.

A contributing factor to the gold stock rally included the fact that the rand weakened, propping up gold stocks as investors found they had no taste in their mouths for risk.

Link: S.Africa stocks up on gold shares, rand weaker vs dollar | Reuters

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