South Africa's Gold Fields FY earnings halve on soft bullion prices

South Africa's Gold Fields on Thursday posted a 47 percent decline in full-year earnings due to falling bullion prices and impairments. The spot price of gold was volatile last year as markets speculated on U.S. interest rate increases which dented the appeal of non-interest yielding bullion. South African producers are slightly cushioned by a decline in the rand as they earn in dollars while paying costs in the local currency.