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South Africa’s commodity-linked rand edged higher on Monday, supported by rising gold prices, as investors processed last week’s weaker-than-expected U.S. employment figures and looked ahead to tariff updates due before the United States’ August 8 deadline.
By 1502 GMT, the rand was trading at 17.96 to the U.S. dollar, about 0.3% stronger than its closing rate on Friday.
As a key global producer of precious metals, South Africa tends to benefit when gold prices rise. On Monday, gold extended its gains for a third consecutive session, following U.S. labour data that heightened expectations of interest rate cuts by the Federal Reserve. Typically, gold prices move inversely to interest rates.
The Johannesburg Stock Exchange also responded positively. The Top-40 index (.JTOPI) gained 1.7%, while the broader All-Share index (.JALSH) rose by 1.4%.
South African mining stocks led the rally. Gold Fields climbed 8%, AngloGold Ashanti (AU.N) advanced 6%, and Harmony Gold added 7%.
Meanwhile, trade negotiations with the United States remain a key concern for the country. South Africa currently faces a 30% duty on exports to the U.S., the highest among Sub-Saharan African nations.
“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,” said President Cyril Ramaphosa in a newsletter on Monday.
