South African Rand Boosts as Fed Holds Rates, Gold Prices Soar

The South African Rand has strengthened against major currencies following the US Federal Reserve's decision to keep interest rates unchanged.

The Fed's announcement, which was met with a divided committee vote, saw treasury yields rise and oil prices climb as concerns over inflation persist.

Gold prices also surged to $4,052 per ounce, supported by a weaker US dollar and increased safe-haven demand amid escalating tensions between the US and Iran.

The rand traded at approximately R16.66 per US dollar, R19.08 to the euro, and R22.24 for the British pound, according to First National Bank's brief on Thursday.