Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
South Africa’s Harmony Gold expects to report a more than 200% increase in half-year profit, driven by higher gold output and firmer prices, it said on Thursday.
Harmony’s trading update said it expects headline earnings per share – South Africa’s most common profit measure – between 9.37 and 9.76 rand ($0.4965-$0.5172) in the six months to Dec. 31, up from 2.93 rand in the same period of 2022.
The miner estimates a gold production increase by as much as 14% year on year to between 820,000 and 835,000 ounces. The company said it also recorded higher grades and prices than a year earlier.
Harmony, which has operating mines and projects in South Africa, Papua New Guinea and Australia, is scheduled to release half-year results on Feb. 28.
($1 = 18.8715 rand)
(By Nelson Banya; Editing by David Goodman)
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