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Johannesburg - The rand extended its recent losses as the credit downgrades to “junk” by two ratings firms last week following the sudden firing of the finance minister kept investors jittery.

At 5pm, the rand was bid at R13.9141 to the dollar, 11.35c softer than at the same time on Friday.

In fixed income, the yield for the benchmark government bond due in 2026 climbed.

Meanwhile, gold slipped further yesterday from the previous session’s five-month high, as expectations that the US Federal Reserve would press ahead with interest rate hikes counter-weighed concerns over political tensions in North Korea and the Middle East.

Spot gold was down 0.2 percent at $1251.55 (R16938) an ounce at 4.15pm, while US gold futures for June delivery were down $4.20 at $1253.10 an ounce.