Higher gold, platinum prices boost rand
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.