Gold’s breakthrough above $1,000 per ounce on Tuesday caused a surge in precious metals equities, which were also helped by an easing of fears that strikes will paralyse the South African platinum industry.

By late morning in London, Randgold, the west African gold miner, rose 3.3 per cent to £43.61. Peter Hambro, the Russian gold miner, rose 3 per cent to 890p, hitting a high for the year for fourth day in a row.