The South African rand appreciated more than 1% to around 17.3 per USD, approaching its highest level since September 2024, buoyed by record prices of critical metal such as gold, palladium and platinum. Meanwhile, traders welcomed developments in the Middle East, while also factoring in global risks, including US-China renewed trade frictions and the US shutdown. On the domestic front, South Africa’s trade minister Parks Tau has indicated that the country is close to finalizing a trade agreement with the US that could ease damaging tariffs and protect thousands of jobs. The negotiations come after US President Donald Trump imposed 30% tariffs on South African exports in August, heavily impacting sectors such as auto manufacturing and fresh produce farming. Officials also said AGOA agreement remains in force despite its September 30 expiry, with US legislators preparing a short-term extension as negotiations continue on a revised trade framework for sub-Saharan markets.