FX.co ★ South African Rand Bounces Back

On Monday, the South African rand strengthened by 0.5%, recovering from an earlier low of 16.3 per USD to hover around 16.1. This improvement occurred as the sharp declines in the prices of key precious and base metals began to moderate. Gold prices had plummeted by up to 10%, and silver had dropped by as much as 16%, continuing Friday's sell-off. This decline was initiated by US President Donald Trump's selection of Kevin Warsh as the prospective Federal Reserve Chair, a choice that is generally considered to be more hawkish.