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Gold Prices in South African Rand
The price of gold is always on the move. As a global commodity, gold prices are constantly looking for equilibrium between buyers and sellers. Gold prices are typically quoted in prices per ounce, gram and kilogram. Although gold is commonly quoted in U.S. Dollars, the metal can be quoted and traded in any currency.If you are buying or selling gold in South Africa, you would see gold prices quoted per ounce, gram and kilo in rand.
The South African Rand is the official currency of South Africa. It is also the currency of the common monetary area between South Africa, Lesotho, Namibia and Swaziland. The rand got its name from “Witwatersrand,” signifying the ridge on which the city of Johannesburg is built and where the majority of the country’s gold deposits have been located.
Similar to the U.S. Dollar, the rand can be subdivided into 100 smaller currency units called cents. When quoting the currency, however, the cents are separated from whole units not by a decimal but rather by a comma.
The South African Reserve Bank is the central bank of South Africa. The central bank was one of the first central banks established outside of the U.K. and Europe, and it began operations in 1921.
Gold Pricing in South African Rand
The gold market in South Africa can be affected by the same issues that can impact gold prices anywhere else in the world. Gold derives demand from the jewelry industry as well as from investors. Investment demand for gold is its biggest source of buyers, and the metal can at times see large swings in value.
Some of the largest potential factors in the price of gold include:
- Central bank buying or selling
- Interest rates
- Currency markets
The South African Mint
The South African Mint produces circulation coinage for the country of South Africa as well as both bullion and numismatic coins. The mint is over 120 years old, and it takes great price in its heritage and products. The South African Mint may preserve history through its coin designs and products, but it has at the same time entered the modern age from a minting technology perspective. The mint manufactures proof krugerrands and manufactures bullion krugerrands jointly with Rand Refinery.
The 2017 1 Ounce South African Gold Krugerrand Coin is a favorite gold coin among investors and collectors. This gold coin is part of a series that began all the way back in 1967. Introduced that year, the krugerrand is the longest running gold bullion coin program. Krugerrands were scoped up by investors and collectors long before the introduction of the Canadian Gold Maple Leaf or American Gold Eagle. The krugerrand played a major role in the bullion market at a time when more and more investors were looking to add gold to their holdings.
The one ounce Krugerrand contains one troy ounce of 91.67 percent fine gold. The coin’s obverse pays tribute to Paul Kruger, the country’s fifth president and a key historical figure. The coin’s reverse features the Springbok antelope.
The Krugerrand is a timeless bullion coin that makes a great addition to any coin collection or gold portfolio.
The South African Economy
The economy of South Africa is one of the continent’s largest and it accounts for a significant portion of Africa’s GDP. Although the country and its economy have made great progress in the last two decades, significant challenges remain. Income inequality, crime, low levels of education and reliable electrical service are all issues the nation must address to continue to fuel growth in its economy.
South Africa has a rich mining history. Large scale mining began in the mid 1800s, eventually leading to the Witwatersrand gold rush in 1886. South Africa is still one of the world’s largest gold producers to this day. The country is also rich in chrome, manganese, platinum, vanadium, zirconium and vermiculite. It is also one of the world’s largest exporters of coal and largest producers of iron ore.