Market News
South African rand jumps as gold high boosts commodity-backed currency - REUTERS
JOHANNESBURG, March 14 (Reuters) - South Africa's rand gained on Friday due to record high gold prices that were driven by investors seeking safe haven assets amid worries over a global trade war.
At 1457 GMT, the rand traded at 18.1850 against the dollar , about 0.7% firmer than its previous close. The South African currency had fallen earlier this week on domestic political tensions sparked by a revised national budget.
"The rand is ending the week on a strong note, bolstered by global market sentiment rather than domestic developments, despite uncertainty surrounding the ratification of the proposed budget," said Zain Vawda, market analyst at MarketPulse by OANDA.
