Rand Slips 0.3% as Gold, Platinum Decline and Producer Inflation Hits 6.2% – News and Statistics

Oct 29, 2026

The South African rand weakened on Thursday, coming under pressure from declining gold and platinum prices after the US Federal Reserve kept interest rates unchanged, according to Mining Weekly. Faster producer inflation also weighed on sentiment regarding the domestic outlook.

The rand traded at 16.6450 against the dollar at 1355 GMT, roughly 0.3% weaker than its prior close. South Africa’s key export commodities lost ground, with gold down nearly 1% and platinum falling 2.9% following the Federal Reserve’s decision to hold rates steady.

As with other risk-sensitive currencies, the rand frequently responds to global factors, especially US monetary policy, as well as domestic economic data.

Official data showed producer inflation accelerated to 6.2% year-on-year in September, up from 5% in August. Nedbank economists indicated that the producer inflation outlook remained weak, citing the global energy shock as the primary pressure point as Middle East supply concerns keep Brent above $100 a barrel. The bank projected producer inflation would stay elevated, ending the year at 6.3% and averaging 5.3% in 2026, compared with 1.5% in 2025.

On the Johannesburg Stock Exchange, the Top-40 index was last up 0.1%. South Africa’s benchmark 2035 government bond was slightly firmer in early deals, with the yield falling 3 basis points to 8.555%.