South African Gold Miners Rally Most Since 1999 as Metal Rises

South Africa’s index of gold-mining stocks surged the most this week on record as the precious metal traded near a one-month high and the rand extended declines.

The five-member FTSE/JSE Africa Gold Mining Index climbed 2 percent to 1,022.93 by the close in Johannesburg, bringing its five-day gain to 28 percent. Pan African Resources Plc led the advance on Friday, adding 3.8 percent to bring its gain this week to 17 percent. AngloGold Ashanti was the best performer in the week, gaining 33 percent. Spot gold advanced 0.5 percent to $1.158 an ounce, the highest since July 13.