Sibanye Stillwater (SBSW) Gets 17% Boost on Higher Platinum, Gold Prices

We recently published 10 Big Names With Explosive Gains That Investors Can’t Ignore. Sibanye Stillwater Limited (NYSE:SBSW) is one of the companies that soared by double- and triple-digits last week.

Sibanye saw its share prices surge by 16.98 percent week-on-week to hit a fresh record high as investors loaded portfolios amid higher prices of platinum and gold.

On Friday alone, Sibanye Stillwater Limited (NYSE:SBSW) climbed to a 52-week high of $11.25 before trimming gains to end the day just up by 4.69 percent at $11.16 apiece, after spot prices of gold and platinum surged by 0.28 percent and 3.37 percent, respectively.

As of writing, the latest data from Bloomberg showed that spot prices of gold were at $3,759.98 while prices of platinum finished at $1,580.56 per troy ounce.

Meanwhile, higher prices of gold were buoyed by hopes for more interest rate cuts, after the headline inflation rate settled within economists’ expectations.

Lower rates tend to weaken the US dollar, which is typically beneficial to precious metals like gold and silver, as it would make them much cheaper.

In other developments, Sibanye Stillwater Limited (NYSE:SBSW) recently completed the acquisition of Metallix Refining for $78 million.

“The acquisition of Metallix strengthens and complements Sibanye-Stillwater’s existing US recycling operations and is expected to unlock significant value through cost and operational synergies across the combined businesses,” Sibanye Stillwater Limited (NYSE:SBSW) said.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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