JOHANNESBURG, Jan 12 (Reuters) – The South African rand gained in early trade on Monday, helped by gold prices reaching another record high.<\/p>\n
At 0736 GMT the rand traded at 16.4225 against the dollar , roughly up 0.4% from its previous closing level.<\/p>\n
Sign up here.<\/a><\/p>\n Soaring prices of precious metals, a major South African export, have helped to propel the rand to its strongest in more than three years.<\/p>\n The currency ended 2025 nearly 13% stronger<\/a> against the U.S. dollar and is poised to clock another year of gains<\/a>.Gold broke through $4,600<\/a> per ounce for the first time on Monday, while silver also hit a record high, as investors snapped up safe-haven assets due to heightened geopolitical uncertainties and a criminal probe<\/a> into Federal Reserve Chair Jerome Powell.Andre Cilliers, Currency Strategist at TreasuryONE said that the turmoil in Iran<\/a> and weak U.S. labour data<\/a> also fueled safe-haven demand.On the Johannesburg Stock Exchange, the Top-40 index (.JTOPI), opens new tab<\/a> was up 1.2% in early trade.<\/p>\n South Africa’s benchmark 2035 government bond also gained, with the yield falling five basis points to 8.285%.<\/p>\n Reporting by Sfundo Parakozov; Editing by Toby Chopra<\/p>\n Our Standards: The Thomson Reuters Trust Principles., opens new tab<\/a><\/p>\n