An accident at South Africa's Elandsrand mine that temporarily stranded thousands of miners underground should have little effect on bullion and gold mining stocks because of the mine's small production relative to the global supply of physical gold.

In addition, gold prices are currently driven by other market factors, including a weak dollar and robust investment demand, and that should offset supply concerns due to the accident, market experts said on Thursday.

Victor Flores, senior mining analyst of HSBC in New York, said that the market effects of the Elandsrand mine accident would be very insignificant because the South African mine did not produce a large amount of gold.

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