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South African mining stocks posted their strongest monthly performance since records began in 1995, jumping 33% in March on the back of surging gold prices.
This exceptional performance shielded South Africa’s benchmark FTSE/JSE All Share Index from global market volatility, allowing it to gain 3.1% for the month and outperform both emerging-market peers and US equities.
Gold producers dominated the gains, with Harmony Gold Mining Co. and Sibanye Stillwater Ltd. both soaring 48% to become the benchmark’s top performers. Gold has hit multiple record highs this year, approaching $3,150 an ounce, driven by central bank buying and safe-haven demand amid escalating trade war concerns.
Analysts, including Goldman Sachs, predict the rally could continue to $3,300, potentially generating profits “well in excess” of previous years for miners who benefit from fixed costs while gold prices rise. Additionally, platinum producers have thrived as slowing electric vehicle sales boosted demand for the metal used in gasoline engines, with companies like Impala Platinum gaining 43% in March.
