South African rand starts week firmer as gold rebounds
The South African rand began the new week firmer in early trade on Monday, boosted mainly by stronger yellow precious metal prices.
At 0638 GMT, the rand traded at 15.97 against the dollar, roughly up 0.5% on Friday's close.
"Gold and platinum prices have recovered from their lows, offering some comfort that the ZAR would enjoy some renewed commodity price benefits through the week ahead," said ETM Analytics in a research note.
The US dollar last traded 0.2% weaker against a basket of currencies. Gold, a key South African export, traded just above the $5,000-per-ounce level as investors awaited key jobs and inflation data due later in the week to gauge US interest rate trajectory.
The domestic calendar this week features an annual mining conference in Cape Town from February 9-12, which will bring together some of the world's top mining investors and government officials to discuss the industry's outlook.
South Africa's statistics agency will publish December mining and manufacturing figures on Thursday.
"For now, South Africa's terms of trade remain favourable, and the outlook for the ZAR is similarly favourable, especially if foreign investors continue to position for a reduced risk profile," said ETM Analytics.
South Africa's benchmark 2035 government bond was stronger in early deals, as the yield fell 2 basis points to 8.035%.
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