Near-record gold price boosts rand to high

Weekend Argus (Saturday Edition) - - LIFE -

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

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