The South African (SA) Rand gained in early trade on Wednesday after the United States (US) extended a ceasefire ​with Iran, while domestically focused traders awaited the ‌release of data on inflation and retail sales.

The Rand traded at 16.45 against the Dollar, up around 0.5% ​after trading in a narrow range during ​Tuesday’s session.

Investors await the monthly Consumer Price Index ⁠and retail sales figures to gauge the health of Africa’s most ​industrialised economy.

Economists polled by Reuters estimate inflation will rise to 3.1% in March from 3.0% in the previous month, while retail sales ​are expected to have increased 4.8% in February from 4.2% ​in January.

The  Dollar was flat against a basket of currencies, ‌while ⁠prices of gold, one of South Africa’s most valuable exports rose after US President Donald Trump said he would indefinitely extend the ceasefire with Iran to allow for further ​peace talks, ​hours before it ⁠was set to expire.

Some safe-haven buying in the gold market followed Trump’s announcement ​because it appeared to be unilateral.

It ​was not ⁠immediately clear whether Iran or the US ally Israel would agree to extend the ceasefire, which began two ⁠weeks ​ago.

SA’s benchmark 2035 government bond ​was slightly weaker in early deals, as the yield rose 1 ​basis point to 8.45%.

–Reuters–