The South African rand extended its decline to 17.2 per USD, its weakest level since November 2025, as escalating geopolitical tensions between the United States and Iran fueled risk-off sentiment in global markets. At the same time, key precious metals—most notably gold—retreated, stripping the rand of a traditional source of support. The currency is expected to remain under pressure amid concerns that persistently high oil prices could drive inflation higher in energy-importing South Africa.