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Strong Showing From Gold Helps Rand Reverse Losses Linked To Removal Of Emergency Declaration

ZAR

Strong performance from the yellow metal keeps a lid on USD/ZAR, with the pair returning into negative territory to last trade -285 pips at ZAR17.9019. Familiar technical levels remain in play, with the pair reluctant to test trendline support-turned-resistance at ZAR17.9769.

  • Spot gold trades +10.9 at $2,031/oz. with a BBG gauge of precious metals performance sitting ~0.3% higher on the day, as both refreshed respective cyclical highs and continue to trade near best levels of the session.
  • The Rand had earlier erased its initial gains in reaction to the news that South Africa lifted a national state of disaster declared in response to the energy crisis, even as there has been no breakthrough in addressing the underlying issues.
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