AngloGold Ashanti Ltd., Gold Fields Ltd., and Harmony Gold Mining Co., Africa’s largest gold producers, will probably say first-quarter profit rose as concerns about the global economy boosted the metal’s appeal.

Gold traded at an average $909.04 an ounce in the first three months of the year, 14 percent higher than the preceding quarter. The metal gained as investors looked to it as a store of value compared with equities and currencies, many of which weakened as the global recession spread.

AngloGold may on May 15 post earnings per share of 3.70 rand ($0.45) excluding one-time items, after a 50-cent loss in the preceding quarter, according to the median forecast of four analysts surveyed by Bloomberg News. South African gold analysts don’t forecast net income and only provide estimates for sequential quarters.

Gold Fields, which reports on May 7, may say profit more than doubled to 2.07 rand a share, while Harmony’s earnings, released a day later, may show profit rose a 20 percent to 1.21 rand a share. The miners, based in Johannesburg, produce most of their gold in South Africa, the world’s third-biggest producer after China and the U.S.

Source : bloomberg.com

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