The 2026 and 2027 outlook for gold prices remains ahead of current levels, with JP Morgan Global Research analysts expecting gold to push $6,000/oz by year end.
South African gold counters were strong performers on the JSE on Friday, with Sibanye-Stillwater up 8% to R51.31, Pan African Resources 5.6% higher at R29.58 and DRDGOLD up 5.5% at R50.11 by late morning.
The moves came as gold held above the $4,500 an ounce level after a sharp rally earlier in the week.
Gold traded above $4,500 an ounce on Friday and was on course for a third consecutive weekly gain, Trading Economics said. This comes as investors turned to safe-haven metals amid heightened volatility across currency and bond markets, while rising oil prices continued to underscore inflationary risks, it explained.
Goldprice.org put the metal at $4,584.56 an ounce, up 1.58% over 30 days, while TreasuryONE currency strategist Andre Cilliers said gold was up 11% for August so far.
