The central bank on Wednesday announced that there would be no interest rate cuts this year, pushing the bullion price higher and heightening the gold-buying frenzy that has been fuelled by the US-China trade war and geopolitical tensions in the Middle East.
The yellow metal reached $1382.30 (R20006) an ounce at 5pm yesterday, compared with the close of $1343.82 an ounce on Wednesday.
The JSE gold mining index climbed by almost 4.97percent to 1911 points in morning trade, with gold stocks leading the rally on the local bourse.
Harmony Gold Company was the biggest winner among its peers as it traded 7.77percent higher to close at R29.97 a share on the JSE, followed by AngloGold Ashanti, which closed 7.47percent higher at R241.99 a share. Sibanye-Stillwater closed 5.64percent higher at R15.35 a share, and Gold Fields jumped by 3.66percent to close at R76.48 a share.