Rand rockets to best level since mid-2019
News24
25 May 2021, 23:10 GMT+10
The rand was trading below R13.85 on Tuesday morning, as the dollar slumped to four-month lows.
US central bank authorities soothed fears about inflation, indicat
ing that interest rates may not be hiked soon.
In South Africa, the central bank still expects two hikes before year-end.
The rand strengthened to below R13.85/$ on Tuesday morning - its best level since mid-2019.
The local currency gained ground as the dollar slumped to four-months lows against a basket of currencies.
Comments by Federal Reserve officials soothed concerns about inflation in the US, and seemed to indicate that interest rates won t be hiked any time soon. Higher interest rates would make the dollar more appealing.
Gold edges to 4-month high amid inflation concerns & crypto crash
RT.com
25 May 2021, 20:12 GMT+10
The price of gold approached its highest level since January on Tuesday, close to erasing this year s decline as investors turn more bullish on the precious metal.
Spot gold was trading at $1,880.31 per ounce in London. Last week the prices reached their highest since January 8, climbing to $1,890.13.
The price growth comes as investors are weighing comments made by the US Federal Reserve about inflation.
Governor Lael Brainard, Atlanta Fed President Raphael Bostic and St. Louis James Bullard said they would not be surprised if supply shortages push prices up in the coming months as the world recovers from the pandemic and pent-up demand is unleashed. They added, however, that much of the price gain should prove temporary.
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