South African Rand strong

ByVictoria

South Africa’s rand strengthened on Monday, as gold hit a fresh high and optimism grew over the prospect of an agreement between the two biggest government partners on the budget.

At 0728 GMT, the rand traded at 18.2375 against the dollar, about 1.1% stronger than its previous close.

Gold prices touched an all-time high on Monday as investors stressing over a global trade war and economic slowdown from the world’s biggest economy turned towards the safe-haven asset. South Africa is a major producer of the precious metal.

Source – Reuters

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