Rand stronger as greenback weakens
THE firmed yesterday as the dollar weakened ahead of a news conference today by US President-elect Donald Trump.
At 5pm, the rand was bid at R13.6409 to the greenback, 3.56c stronger than at the same time on Monday.
In fixed income, the yield for the benchmark government bond due in 2026 declined.
Meanwhile, gold rallied to its highest level in more than a month yesterday.
The market is looking for more clues on Trump’s spending plans in the first speech since his shock win in November.
Gold, often seen as an alternative investment during times of political and financial uncertainty, benefited from the risk-averse sentiment in the market. Spot gold hit its highest since November 30 at $1 190.46 (R16 316) an ounce.