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ZAR: Gold Weakness Pressures Rand to Lowest Level in a Week

ZAR
EM BulletBulletEmerging Market News

New multi-week lows in spot gold prices – which have hit their lowest levels since Feb 4 – has weighed on the South African rand towards the latter stages of the European session, with ZAR-denominated gold prices showing over 3% lower compared to this month’s earlier highs. The currency is among the weakest across the EMEA FX space today, though fresh tariff jitters hit broader EM sentiment following Trump’s comments on social media yesterday.

  • Today’s 0.6% advance for USDZAR puts the pair back above the 20- and 50-day EMAs, narrowing the gap initial resistance at 18.6543, the Feb 10 high. A break here could signal scope for a stronger reversal higher towards key short-term resistance at 19.2296, the Jan 13 high, clearance of which would confirm a continuation of the medium-term uptrend.
  • Looking ahead to next week, manufacturing PMI figures for January and 4Q GDP and current account data are all due. The SARB meet next on Mar 20.
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New multi-week lows in spot gold prices – which have hit their lowest levels since Feb 4 – has weighed on the South African rand towards the latter stages of the European session, with ZAR-denominated gold prices showing over 3% lower compared to this month’s earlier highs. The currency is among the weakest across the EMEA FX space today, though fresh tariff jitters hit broader EM sentiment following Trump’s comments on social media yesterday.

  • Today’s 0.6% advance for USDZAR puts the pair back above the 20- and 50-day EMAs, narrowing the gap initial resistance at 18.6543, the Feb 10 high. A break here could signal scope for a stronger reversal higher towards key short-term resistance at 19.2296, the Jan 13 high, clearance of which would confirm a continuation of the medium-term uptrend.
  • Looking ahead to next week, manufacturing PMI figures for January and 4Q GDP and current account data are all due. The SARB meet next on Mar 20.