Sibanye (SBSW) Soars to Record High as Gold Cracks Past $4,300

We recently published Market Downturn? Not for these 10 Stocks; 7 Jump to Record Highs. Sibanye Stillwater Ltd. (NYSE:SBSW) is one of the best performers on Thursday.

Sibanye Stillwater jumped to a fresh 52-week high on Thursday, as investors gobbled up shares in mining companies following gold’s climb to the $4,300 territory.

In intra-day trading, Sibanye Stillwater Ltd. (NYSE:SBSW) jumped to its highest price of $13.11 before trimming gains to end the day just up by 6.04 percent at $12.82 apiece.

As of writing, spot prices of gold and platinum—Sibanye Stillwater Ltd.’s (NYSE:SBSW) largest assets—both surged during the session.

Gold spot prices were up by 2.83 percent to $4,326.58, as investors poured funds into precious metals over growing optimism for an interest rate cut and amid renewed geopolitical tensions between the US and China. On the other hand, spot prices of platinum were up by 3.17 percent to $1,718 per ounce.

In other news, Sibanye Stillwater Ltd. (NYSE:SBSW) announced that South African state-owned asset management company Public Investment Corporation (PIC) recently raised its stake in the company by an additional 2.35 percent, bringing its total ownership in the company to more than 20 percent.

The recent acquisition strengthened PIC’s position as one of Sibanye Stillwater Ltd.’s (NYSE:SBSW) largest shareholders to date.

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Disclosure: None. This article is originally published at Insider Monkey.