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Gold boosts South African rand

ByVictoria

South Africa’s commodity-backed currency edged up on Monday, helped by higher gold prices, as investors digested last week’s unexpectedly weak U.S. jobs data and awaited tariff updates ahead of the United States’ August 8 deadline.

The bourse was boosted by South African miners, including Gold Fields , up 8%, AngloGold Ashanti (AU.N), at 6%, and Harmony Gold , which rose 7%.

“Our foremost priority is protecting our export industries. We will continue to engage the U.S. in an attempt to preserve market access for our products,” President Cyril Ramaphosa said in a newsletter on Monday

Source – Reuters

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    New Gold’s copper production was at 14.5 million pounds for the fourth quarter, up 20% year over year. The annual copper production totaled 54 million pounds, within the company’s guidance of 50-60 million pounds.

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    Macquarie Group predicts gold will reach $3500

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    “Year-to-date, gold has been running ahead of our expectations,” Marcus Garvey, head of commodities strategy at Macquarie, wrote on Thursday. 

    “We are raising our gold price forecast to a 3Q25 quarter average peak of $3,150 per ounce and our single point price high to $3,500 per ounce,” Garvey wrote. 

    “President Trump’s rapid move to announce, if not always to enact, import tariffs has contributed to geopolitical uncertainty and boosted inflation expectations, helping push down front-end real rates and supporting gold in the face of periodic USD strength and initially reduced expectations for Fed rate cuts,” the strategist wrote.

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    Macquarie Group Limited – is an Australian multinational independant investment bank and financial services company. Headquarters in Sydney, Australia. Listed as ASX