A surging gold price used to mean boom times for the JSE's mining sector and the South African economy. That was when the country accounted for most of the world's production of the precious metal.

Now a record run in the gold price - which this week almost touched $2,000 (R33,800) an ounce as investors flocked to safe-haven assets amid anxiety over the US economy - provides a "nice supporting act" on the JSE, but hardly enough to really boost the market or sway the economy, said Sasfin Securities deputy chair David Shapiro.

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