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South African rand slips as weaker gold and platinum add pressure

By Reuters News

JOHANNESBURG, Oct 29 (Reuters) - South Africa's rand weakened on Thursday, pressured by falling gold and platinum prices after the US Federal Reserve held interest rates steady, while faster producer inflation added to concerns about domestic outlook.

  • The rand traded at 16.6450 against the dollar at 1355 GMT, about 0.3% weaker than its previous close

  • South Africa's key export commodities came under pressure, with gold falling nearly 1% and platinum dropping 2.9%, after the Federal Reserve held rates steady

  • Like other risk-sensitive currencies, the rand often takes its cues from global factors, particularly US monetary policy, alongside domestic economic data

  • South Africa's producer inflation accelerated to 6.2% year-on-year in September, up from 5.0% in August, official data showed

  • Nedbank economists said producer inflation outlook remained weak, with the global energy shock as the main pressure point as Middle East supply concerns keep Brent above $100 a barrel

  • "We expect PPI to remain elevated, ending the year at 6.3% and averaging 5.3% in 2026, up from 1.5% in 2025," said Nedbank

  • On the Johannesburg Stock Exchange, the Top-40 index .JTOPI was last up 0.1%

  • South Africa's benchmark 2035 government bond was slightly firmer in early deals, as the yield fell 3 basis points to 8.555%

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