Near-record gold price boosts rand to high
SOUTH Africa’s rand advanced to a oneweek high against a wobbly dollar yesterday as gold traded near-record highs, which also boosted local stocks.
The Johannesburg Top-40 index gained 0.17 percent, while the broader All Share index added 0.14 percent.
“Gold was the lead today, trading at a record high and we saw gold shares rally very sharply in the last half-an hour,” said Michael Carlsson, a trader at Consilium Capital.
The rand was quoted at 7.5450 against the dollar, 0.6 percent firmer from Thursday’s New York close of 7.59. It briefly hit 7.5055, its firmest level since October 26.
“Gold is still the driving force at the moment,” said a currency trader.
The yellow metal raced to a record $1 100.90 an ounce, fuelled by a falling dollar in volatile trade sparked by weaker-thanexpected US non-farm payrolls data.
US employers cut 190 000 jobs last month, driving the unemployment rate to a 26.5-year high of 10.2 percent. Job losses for August and September were revised to show 91 000 fewer people lost their jobs. – Reuters