(Bloomberg) -- Gold stocks traded in Johannesburg are closing out a record eighth consecutive quarter of gains, tracking the ascent in bullion prices driven by investors buying the metal as a haven in the face of the global pandemic and massive central bank stimulus.
The FTSE/JSE Gold Mining Index is up 4.2% in the past three months, while bullion is also set to advance for an eighth quarter, the longest winning streak since September 2011. Although gold prices have slipped back since rallying to an all-time high last month, Citigroup Inc. analysts have said they could hit a fresh record before year-end, partly because of risks surrounding the U.S. presidential election.
Miners of the precious metal are the top four gainers among Johannesburg stocks this year, with DRDGold Ltd. up 164%, while Pan African Resources Plc and Gold Fields Ltd. have also both more than doubled and Harmony Gold Mining Co. has surged 78%. The benchmark South African index has slipped 5.1%.
The rand price of gold has soared 50% this year, boosting miners whose costs are mostly in the local currency, while the bullion they produce is sold in dollars.
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