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The 120-day correlation between gold and the rand reached a seven-month high of 0.46, according to Société Générale. The rand has been one of the best-performing major emerging-market currencies in 2024, helped by record gold prices near $2,430 and a government decision to use $8 billion from the SARB foreign currency account to pay down debt.
Rand strength tied to gold and debt paydown lowers the local-currency cost of dollar-priced imports for South African buyers, though the effect on feed prices is limited.
poundsterlinglive.comSam CoventryApr 22, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
