African Gold Producers Lead Equity Rotation as Funds Diversify Away from North American Benchmarks

Over the past four to six weeks, gold equity leadership has been broadly weak, with African-domiciled producers leading the drawdown rather than capturing incremental institutional inflows. With spot gold trading above $4,500/oz — settling at $4,545.00 on Wednesday, up 0.21% on the session — Thursday's tape extended the slide across the African names while the TSX heavyweights traded mixed.

The underperformance is visible in the relative performance data. $AU (AngloGold Ashanti) fell…