AngloGold Ashanti, the world’s second-largest gold miner, said on Monday it swung to a profit in the third quarter after the price of gold rose.
The Johannesburg, South Africa-based company said net income for the three months through to September 30 came to R1,47-billion, compared with a loss of R1,05-billion in the same period a year earlier.
Gold bullion attracts investors when they fear economic growth may stagnate or decline. The commodity is also safe hedge against inflation.
Bullion, measured in dollars, fell 1% during the quarter to an average $621,10 an ounce. Expressed in rand, the metal rose 8,7% to a record average of R4 630 rand an ounce.
AngloGold shares climbed 1,5% to R315,50 in Johannesburg. — Sapa-AP