(Updates to reflect afternoon trade) JOHANNESBURG, Sept 29 (Reuters) – South Africa's commodity-backed rand rose on Monday on higher gold prices, while traders eyed a slew of local economic data that could offer clues on the health of Africa's largest economy. By 1429 GMT, the rand was trading at 17.2825 against the dollar, up about 0.3% from Friday's close. Gold surged above the key $3,800-per-ounce level for the first time on Monday as investors flocked to the safe-haven asset on U.S. rate cut expectations this year. The dollar last traded about 0.2% weaker against a basket of currencies. USD/ The domestic economic calendar will feature a central bank report on economic trends in the second quarter and statistics agency data on formal sector employment on Tuesday. Money supply, private sector credit, the trade balance and budget balance figures are also expected on the same day. Investor attention later in the week will shift towards vehicle sales numbers, an Absa purchasing managers' index and S&P Global whole-economy PMI, which will shed light on the shape of the country's manufacturing sector and business conditions respectively. On the Johannesburg Stock Exchange, the Top-40 index was up 0.8%. South Africa's benchmark 2035 government bond was slightly stronger as the yield fell 1 basis point to 9.155%. (Reporting by Sfundo Parakozov and Anathi Madubela; Editing by Neil Fullick and Emelia Sithole-Matarise)
(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)
