South African gold producers maintained their 2015 bull run on Tuesday, pulling the wider share market up as the gold price hit a 4-1/2 month high. AngloGold Ashanti, Africa's top bullion producer, leapt 4 percent to 134.40 rand, bringing its gains since the start of the year to more than 32 percent. It was the best blue-chip performer during the session.
The spot gold price rose more than 1 percent on Tuesday as uncertainty over the size of the European Central Bank's looming stimulus programme drove investors into assets seen as lower risk. Outside the bluechips, Harmony Gold Mining Company rose 2.7 percent. Johannesburg's Gold Mining Index, which rose 2.23 percent on Tuesday, has been in overbought terrain since January 7, according to its 14-day RSI, a momentum indicator tracked by some chartists.
Mid-tier platinum producer Northam Platinum ended the session 3.2 percent higher at 40.65 rand after the National Union of Mineworkers (NUM) called off a week-old wildcat strike at its biggest mine. The benchmark Top-40 index edged up 0.2 percent at 43,075 while the All-share index climbed 0.26 percent to 49,124. It was the second straight day of gains for the market.