XAU/ZAR: what to know
The XAU/ZAR rate shows how much ZAR you get for 1 XAU. Right now, 1 XAU buys 70,052.95 ZAR at the mid-market rate. In the other direction, 1 ZAR is worth 0.0000142749 XAU.
In the short term XAU is driven mainly by real interest rates, the dollar and safe-haven demand, while ZAR responds to commodity prices and risk appetite.
The code “XAU” combines “X” (supranational) with gold’s chemical symbol Au. The South African Rand (ZAR) is issued by South African Reserve Bank. The rand is named after the Witwatersrand ridge, where gold was discovered.
Because this pair involves a precious metal, the rate reflects global bullion prices per troy ounce. Use this mid-market figure as your benchmark: compare it with the rate your bank or broker quotes, and the difference is the margin you would pay.