The USD/ZAR currency pair settled above recent low of 16.6108, its weakest level since August 18th 2022, with the Rand continuing its advance as Gold’s price rose to a new record high level.
Spot Gold settled just below a fresh all-time high of $4,550.15/oz., underpinned by geopolitical uncertainty and expectations of further policy easing by the Federal Reserve.
South Africa is a major producer and exporter of the yellow metal.
The strength of the currency this year also reflected South Africa’s positive economic growth. The GDP grew 0.5% in the third quarter compared to Q2, which represented the fourth consecutive quarter of growth.
“The rand appears to be ending 2025 on the front foot. With the dollar still on the defensive and commodity prices rising to help sustain South Africa’s trade balance in surplus territory, there is solid justification for the rand’s impressive performance,” ETM Analytics wrote in an investor note.
The exotic Forex pair lost 0.76% for the week.
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