||Good news for South African gold companies and investors as the price of gold and platinum continued to rise yesterday. This can mainly be attributed to the Rand strengthening against the dollar.
Gold and platinum exports make up a quarter of South Africa's export earnings so they play a vital role in the country’s economy. Over recent years the gold industry in South Africa has been hit hard by the cheaper gold on offer from Australia and Russia. The rand in recent years has also lost its value against major currencies.
The gold price rose by 8% yesterday. Many analysts see this as a reflection of investors preparing themselves for the announcement by the U.S Federal Reserve today on the interest rate.