The rand gold price hit its peak on Friday despite the international price falling back under $1500/oz at the weekend. The rand price was boosted by a strengthening dollar, taking the exchange rate to over R7/$ yesterday.Despite that record, welcomed by South African gold producers and the stock market, some local investors remain wary.
Gold’s previous peak in local currency terms was in 2009 when an exchange rate of worse than R10/$1 translated an international gold price of $994/oz into R321357/kg.
Monday, May 16, 2011
Gold Reaches Record High In South African Rand Terms
Gold is far away from a new record high in U.S. dollar terms, but a weakening rand has made for a record in South African terms.