Higher gold, plat­inum prices boost rand

The Star Early Edition - - MARKETS -

THE RAND put in mod­est gains yes­ter­day, sup­ported by higher gold and plat­inum prices but con­strained by a broad dol­lar strength.

How­ever, at 5pm, the rand as bid at R13.6765 to the dol­lar, 1.34c softer than at the same time on Fri­day.

Gold firmed as mar­kets re­assessed the out­look for the US econ­omy af­ter Don­ald Trump is in­au­gu­rated as pres­i­dent later this month, with the dol­lar steady­ing af­ter the pre­vi­ous ses­sion’s bounce.

The me­tal, which posted its big­gest weekly in­crease in two months last week, lost some ground on Fri­day af­ter a US pay­rolls re­port sup­ported the view that the Fed­eral Re­serve will raise in­ter­est rates this year, boost­ing the dol­lar.

Spot gold was up 0.5 per­cent at $1 178.21 (R16 147) an ounce at 5pm yes­ter­day.

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