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Rand Finds Footing Amid Gold Rally

Guavy AI Editorial Team
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USD
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South Africa's rand held steady near 16.26 per US dollar as gold prices surged above $4,300 an ounce.

The stronger bullion price is supporting the rand by lifting expected US-dollar export earnings from South African gold sales.

This matters this week because markets are bracing for the Federal Open Market Committee's rate decision and South Africa's July retail sales report, which economists surveyed by Reuters see rising 0.9% from a year earlier.

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