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Rand rises on higher gold prices, rouble falls on Ukraine tensions

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The rand on Thursday edged 0.2% higher as gold prices rose amid geopolitical tensions, while blue-chip stocks in the region gained 0.5%.

Gold Fields Ltd reported a 20% rise in full-year profit but shares fell 0.9% as it flagged growing cost pressures.

The Turkish central bank, which has been under pressure from President Tayyip Erdogan, has slashed its policy rate by 500 basis points since September, sparking a currency crisis late last year and sending inflation galloping to near 50%. Turkey also sold $3 bln in Islamic bonds in its first US dollar-denominated debt sale since September on Wednesday.

 

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