A relentless surge in the price of gold is delivering windfalls across emerging markets, boosting investor confidence in countries that mine and buy the metal.
In South Africa, home to the world’s deepest gold mines, stocks are on track for the best year in two decades, with shares of miners like Sibanye Stillwater Ltd., AngloGold Ashanti Plc and Gold Fields Ltd. tripling in value. The credit rating of Ghana, Africa’s top gold producer, has been upgraded by Moody’s Ratings. Emerging-market countries rank among the biggest buyers of bullion, boosting national coffers.
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