Around the World's Markets: Johannesburg

Tuesday 29 September 1998 23:02 BST

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GOLD STOCKS powered ahead as the rest of the market sagged, hit by profit-taking. The All Share ended 1.87 per cent down at 5,194 but the influential bullion index rose 6.45 per cent to 1,116.6 as the gold price held around the psychologically crucial $296 an ounce level.

Hedge funds have sold gold short for the last two years, so fears about widespread position covering after the LTCM bail-out added to bullishness from the prospect of dollar weakness and safe-haven gold buying.

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