JSE gold shares stage New Year rally

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The JSE board in Sandton in Johannesburg. Photo: Leon Nicholas.

Johannesburg - Shares of South African bullion producers stage a New Year rally after gold futures kick off 2014 by jumping 2 percent as bargain hunters resurface, lured by a plunge to six-month lows in the spot price earlier in the week.

Gold plunged 28 percent in 2013, ending a 12-year bull run which saw Johannesburg's Gold Mining Index shed 55 percent over the course of the year.

The index at 11:35 SA time was 3.1 percent higher at 1,051.62, outpacing a 0.25 percent rise in the All-share index.

Africa's top bullion producer AngloGold Ashanti is up 3.08 percent to 127.70 rand, making it biggest gainer on Top-40 index.

Smaller rival Harmony Gold is up over 4 percent to 26.98 rand.

US gold for February earlier hit a high of $1,227.20 an ounce and stood at $1,225.80 by 08:43 SA time, up $23.50. - Reuters

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