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Gold Fields is the best performing stock, up 55% this year.
It’s only June, but gold stocks traded in Johannesburg are already heading for their best year since 2005.
A South African index of bullion producers jumped as much as 6% on Thursday morning, stretching its year-to-date gain to 40%. Gold surged to the highest in more than five years after the US Federal Reserve on Wednesday indicated a readiness to cut interest rates.
The precious metal has rallied since late May as investors seek havens amid slowing global growth due to the fallout from the US-China trade dispute and as central banks adopt a more dovish tone. A report that Iran shot down a US drone added to Middle East geopolitical tensions — and to bullion’s allure.
Gold Fields is the best-performing Johannesburg gold stock, up 55% in 2019. The rally has pushed the sector index close to technically overbought territory, with its 14-day relative strength index rising above 70, a level that suggests gains may be overdone, in all but three of the past 14 sessions.