23-05-2025
South African assets gain as gold climbs
JOHANNESBURG, May 23 (Reuters) - South Africa's rand, stocks and government bonds strengthened on Friday, boosted by higher gold prices as worries over the United States' worsening fiscal health sent investors into the safe-haven asset.
At 0929 GMT, the rand traded at 17.9150 against the dollar , 0.5% stronger than Thursday's closing level.
South Africa is a major producer of precious metals and benefits from higher gold prices.
Gold prices rose on Friday and were poised for their biggest weekly gain in more than a month, as a softer U.S. dollar and concerns over the country's fiscal outlook boosted bullion's safe-haven appeal.
On the stock market, the Top-40 (.JTOPI), opens new tab index was last up 0.7%.
South Africa's benchmark 2030 government bond was also stronger in early deals, with the yield down 2.5 basis points to 8.87%.
