AngloGold Ashanti Ltd. (ANG), Africa’s largest gold producer, surged to a 10-week high in Johannesburg trading, outpacing Gold Fields Ltd. (GFI) as it benefits from the longest winning streak in more than three decades for the metal.
AngloGold rose 4.85 rand, or 1.5 percent, to 318.85 rand at 10:17 a.m. local time, taking gains over the past week to 9.7 percent. Gold Fields, the second-largest African producer, is up 6.6 percent for the same period to 109.17 rand.
Gold advanced for a 12th consecutive day, rising as much as 0.3 percent to $1,609.88 an ounce, as U.S. and European sovereign debt concerns spurred demand for the safest assets.
Holdings of the metal in exchange-traded products increased 0.9 percent to 2,120.513 metric tons yesterday, the highest level ever, data compiled by Bloomberg show. Gold assets were up for an eighth day, the longest period of gains since August.
To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
