Traders more bearish on the forint, zloty and koruna.

In early trade the rand was at R16.62 against the dollar, down a modest 0.1% on its previous close and compared to last week's close of R16.60.

Gold was at $1 790.82 an ounce.

Gold was at $1 767.99 an ounce, up 0.3%.

While local inflation does the same.

In early trade the rand was at R16.68 to the dollar, nearly 1% stronger than its previous close. On Tuesday it lost almost 2%.

Gold was at $1 767.55 an ounce, up 0.4%.

'This issue will linger far longer than the market’s attention span will allow,' said Michael Every.

In early trade the rand was at R16.54 against the dollar, around 0.1% weaker than its previous close.

Gold was at $1 773.96 an ounce, up 0.1%.

In early trade the rand was at R16.55 against the dollar, around 0.3% stronger than its previous close.

Gold was at $1 760.32 an ounce, down 0.3%.

Spot gold rose 0.6% to $1 766.52 an ounce.

In early trade the rand was at R16.46 against the dollar, 0.15% stronger than its previous close.

'Equities are an optimist’s game, and this bullish narrative may have some legs here. We are more in the ‘realist’ camp at the moment and remain somewhat cautious.' Nicholas Colas said.