South Africa’s (SA) commodity-backed Rand weakened in early trade on Tuesday, tracking a decline in gold prices, which slipped below the $4 000-per-ounce threshold.<\/p>\n
The Rand traded at 17.4250 against the Dollar, down roughly 0.7% on Monday’s close<\/p>\n
As a major producer of precious metals, SA typically benefits from stronger gold prices.<\/p>\n
With a light domestic data calendar on Tuesday, traders are turning their attention to Wednesday’s Standard and Poor business activity survey and October’s foreign reserves data for further insight into the health of Africa’s most\u00a0industrialised\u00a0economy.<\/p>\n
“The Rand is on the defensive this morning, and the week’s most important data is now behind us. With that handled, focus will now turn to the performance of United States equity markets and the risk appetite that they reflect,” ETM Analytics said in a research note.<\/p>\n
On the Johannesburg Stock Exchange, the Top-40 index was down 1% in early trade, hurt mainly by mining stocks.<\/p>\n
–Reuters–<\/p>\n","protected":false},"featured_media":12528,"template":"","meta":{"_acf_changed":false},"news-type":[44],"class_list":["post-14486","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"","published_date":null,"news_description":"SA commodity-backed Rand weakened in early trade on Tuesday","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/14486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/14486\/revisions"}],"predecessor-version":[{"id":19124,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/14486\/revisions\/19124"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/12528"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=14486"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=14486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}