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Gold stocks: SA bullion shares rise on spot price

Johannesburg-listed gold sector at highest level since November 29.

JOHANNESBURG – South African gold shares rose to more than one-month high after bullion prices reached a seven-week high on a weaker dollar

The greenback weakened after U.S. President-elect Donald Trump provided little clarity on future fiscal policies at a press briefing on Wednesday.

Spot gold was up 0.5 percent at $1,196.06 per ounce, after touching a high of $1,198.58, its best since Nov. 23.

Johannesburg listed gold sector rose 3.61 percent, its highest level since Nov 29.

By 0934 GMT AngloGold Ashanti rallied 4.34 percent to 163.95 rand, Gold Fields gained 3.41 percent to 46.44 rand, Harmony Gold was up 2.84 percent to 33.37 rand and Sibanye Gold rose 2.16 percent to 27.44 rand.

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Moneyweb Investor Issue 24

The relative strength of the rand has seen South Africans relax since the cabinet reshuffle and sovereign downgrades by S&P and Fitch. Don't be deceived - this is a self-inflicted wound. In the May issue of The Moneyweb Investor, we take a closer look to see which companies are likely to thrive and which will not, in the post-downgrade world.

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