Gold’s Relentless Rally Powers South African Stocks to Record

South Africa’s benchmark stock index headed for a record close as the surging gold price boosted shares of the country’s precious-metals miners.

The FTSE/JSE Africa All Share Index rose as much as 1.1% on Wednesday, on track for a fifth consecutive day of gains. It has wiped out a near-10% slide that followed US President Donald Trump’s announcement of so-called reciprocal tariffs.

The South African gauge is up more than 7% in dollar terms this year, compared with declines of 1.4% for the MSCI Emerging Market stock index and 8.3% for the S&P 500.

Bullion hit a fresh high ...