FRIDAY, 6.00PM:
THE bullion price on Friday rose to above $290 an ounce as United States hedge funds covered themselves ahead of a US long weekend, which pushed the Johannesburg Stock Exchange gold index up 7%, carrying with it the rand and the JSE’s all share index.
At day’s end the financial index had risen 124,9 points to 10 016,6 and the industrial index 23,7 points to 6 970,4. The all gold index rose 59,2 points (7,9%) to 807,5, carrying the all share index up 55,5 points to 5 868,8.
Total turnover, at R874,98-million exceeded R800-million for the second time this year.
While the Dow Jones declined 92,92 points to 7 691,77 on Thursday, Asian markets ended the week higher, with the Nikkei surging 924,47 points to 16 046,65 and the Hang Seng index closing 321,06 points higher at 8 900,04 on Friday.
Gold was last at $292,10 an ounce compared with a London morning fix of $287,35. The day’s highest bid was $294,50 and the lowest $287,00.
The R150 government long bond was quoted at a 13,42% yield — one basis point stronger than the previous close. The longer-dated R153 last traded at 13,50%, compared to Thursday’s close of 13,51%. The Eskom 168 bond was last at 13,68% from 13,62% on Thursday.
The rand recovered to a bid rate of R4,9635 per dollar after going to a bid rate of R4,9895 early in the morning.
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