The South African rand strengthened this week to its highest level since the United States and Israel launched attacks on Iran on February 28, benefiting from higher gold prices and a weaker US dollar. The currency traded at 15.9925 per US dollar, approximately 0.8% stronger than its previous close. Gold, one of South Africa’s major exports, rose to a more than three-month high and was on track for a third consecutive weekly gain. The precious metal benefited from a softer dollar and expectations surrounding increased US Treasury buybacks. The rand, like other emerging-market currencies, has remained sensitive to global risk sentiment since the Iran conflict began. South African financial markets also strengthened, with the Johannesburg Stock Exchange’s Top-40 index up 2.2% and the benchmark 2035 government bond yield falling to 8.56%.