Gold Fields expects bumper profit as volume and price surge

South Africa’s Gold Fields expects its half-year profit to rise by as much as 236%, it said on Monday, on the back of higher gold production and record high bullion prices.

In a trading update, Gold Fields said its headline earnings per share would be between $1.09 and $1.21 in the six months to June 30, compared with $0.36 during the same period last year.

The spot gold price is up more than 30% year on year, having reached a peak of $3,500 per ounce in April, before falling to current levels around $3,356.91 per ounce.Strong investment demand, reflecting US growth and tariff-related inflation concerns, as well as central bank buying and resilient jewellery demand, are expected to drive bullion prices higher.