Rand Goes Up as Gold Rallies

The South African rand jumped today, erasing yesterday’s losses, as gold surged on the concerns about the inflation and the unrest in Libya.

The risk appetite waned from markets as the infightings between the forces loyal to Libya’s leader Muammar al-Gaddafi and the rebels renewed, increasing demand for safer assets. Gold climbed 0.2 percent to $1,436.90 per ounce, rising for the fourth day. The precious metal together with platinum makes up about a fifth of South Africa’s export revenue.

USD/ZAR dropped from 6.9920 to 6.8810 as of 16:33 GMT today.

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