[miningmx.com] – SOUTH African gold shares were hammered on Thursday as the Federal Reserve’s confidence in the US economic outlook diminished the metal’s appeal as a haven, said Bloomberg News.
The FTSE/JSE Africa Gold Mining Index fell 5.2% as of 12:48 pm in Johannesburg, heading for the biggest loss since September 11. Gold shares had been on a five-day rally, the newswire said.
“This could be a result of the latest Fed comments about whether they’re going to raise interest rates in December,” Ferdi Heyneke, a money manager at Afrifocus Securities told Bloomberg. “The dollar is very strong which generally puts strain on these shares,” he said.
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