A gauge of returns on South African precious-metal mining stocks is on track for its biggest monthly jump in at least two decades. The FTSE/JSE Precious Metals and Mining Total Return Index has gained about 38% so far this month, the most on record going back to 2006. Gold and platinum prices have recovered from a steep slump, pulling the index into positive territory for the year.

Shares of bullion producers Anglogold Ashanti Plc, Pan African Resources Plc, and Gold Fields Ltd. led the advance, soaring more than 40% month-to-date. The rally underscores the sector's resilience amid global economic shifts. Investors are closely watching the recovery in bullion prices as a key indicator of broader market health.

The momentum marks a significant turnaround from earlier downturns in the mining sector.