The South African (SA) Rand was weaker in early trade on Tuesday as forex markets continued to be dominated by “risk-off” sentiment, while domestically focused traders awaited mining data for clues on the health of Africa’s most industrialised economy.
Rand traded at 16.4125 against the Dollar , down about 0.2% from its previous close.
Geopolitical tensions remain sky-high and continue to rise as United States (US) President Donald Trump’s threats to impose extra tariffs on European allies soured global sentiment and sparked a rush into safe-haven assets.
Like other risk-sensitive currencies, the rand often takes cues from global drivers such as US policy and economic data.
Gold, traditionally seen as a store of value during times of instability, jumped past $4 700 per Ounce for the first time on Tuesday, while silver traded near a record high.
Domestically focused investors will look to the country’s statistics agency which will release November mining output figures.
–Reuters–
