Billionaire Motsepe’s companies seek protection from US firm, and problems for Temu orders in South Africa
The rand strengthened in early trading on Monday, buoyed by gold prices reaching a record high.
The currency traded at 16.4225 against the dollar, representing an increase of approximately 0.4% from its previous closing level.
Rising prices of precious metals, a significant export for South Africa, have contributed to the rand’s strength, making it the strongest it has been in over three years.
The currency finished 2025 nearly 13% stronger against the US dollar and is on track for another year of gains.
On Monday, gold surged past $4,600 per ounce for the first time, while silver also hit a record high.
Investors are turning to safe-haven assets amid increasing geopolitical uncertainties and a criminal investigation involving Federal Reserve Chair Jerome Powell.
Analysts noted that the turmoil in Iran and weak US labour data have further driven safe-haven demand.
On the Johannesburg Stock Exchange, the Top 40 index rose by 1.2% in early trading.
Additionally, South Africa’s benchmark 2035 government bond saw gains, with the yield falling five basis points to 8.29%.
On Tuesday, 13 January, the rand is trading at R16.41 to the dollar, R22.12 to the pound, and R19.14 to the euro. Gold is trading slightly lower at $4,596.48 per ounce, while oil is up to $64.09 a barrel.
5 important things happening in South Africa today
Motsepe’s companies seek protection from US firm: Billionaire Patrice Motsepe and his companies are accused of seeking protection from South African courts regarding a mining dispute in Tanzania, where they allegedly breached a 2019 confidentiality agreement with US-based Pula Graphite. [Moneyweb]
Temu order problems: Dozens of South Africans have complained about delayed or failed deliveries of Temu orders in the last two months, with one particular courier appearing to be a significant problem. [MyBroadband]
2025 matric results: Basic Education Minister Siviwe Gwarube has announced that the 2025 matric class achieved a pass rate of 88%, the highest level in history, following a 2024 pass rate of 87.3%. The Independent Examination Board (IEB) saw its pass rate decline to 98.31% for the matric 2025 class, a slight drop from the 98.47% seen in 2024. [BusinessTech]
Departments that burnt the most money on travel: Ministers in the Government of National Unity (GNU) have spent over R450 million on travel and accommodation in their first 18 months. The Department of Human Settlements had the highest travel expenses at R32.98 million, followed by the Department of Water and Sanitation, which spent R29.57 million. [Newsday]
AGOA passed: The US House of Representatives passed a bill to renew the African Growth and Opportunity Act (AGOA) for three years, gaining strong bipartisan support. However, South Africa’s continued eligibility for the deal will be under scrutiny when the bill is considered by the Senate. [News24]
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