Gold price could help protect SA against rising oil price, says Nedbank
The gold price usually jumps when oil prices rise due to risk factors, especially geopolitical risk, Nedbank economist Nicky Weimar says
Higher gold and metal prices could offset — to some extent — the effects on SA of a higher oil price due to the Russian war against Ukraine, according to Nedbank senior economist Nicky Weimar.
Historically the gold price has risen when oil prices rise due to risk factors, especially geopolitical risk, Weimar said at a webinar on the future prospects for the SA economy. And already strong demand for SA commodities could increase further due to sanctions against Russian output...