Rand firmer as gold soars and the dollar slips

The rand was firmer on Wednesday, on track to break its six consecutive losing trading sessions with the dollar taking a back seat as investors seek refuge in gold as a safe-haven asset.

The local currency lost about 2% on Tuesday as investors moved to safe-haven assets amid rising Covid-19 cases globally and deteriorating US-China trade relations. However, the rand managed to firm above R17.50/$ in morning trade on Wednesday, reaching an intra-day best of R17.1932/$.