The global demand for gold and platinum, which are key South African exports, has been on a
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The global demand for gold and platinum, which are key South African exports, has been on a generally upward trend from 2001 to 2012. By 2012, gold sold for more than $1,500 per ounce. As people outside of South Africa sought to acquire more of its gold and platinum, the demand for its currency, the rand, also increased. The result was an increase in the dollar price of the rand from $0.07 = 1.00 rand in 2005 to $0.12 = 1.00 rand in 2012.
As the rand’s dollar price has increased, what has happened to the dollar price of gold and platinum produced in South Africa?
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