<div id="readability-page-1"><div> South Africa's rand slipped back above 16 to the dollar early on Thursday as a more cautious global mood overnight triggered a selloff in emerging-market assets, with analysts pointing to a fresh bout of risk aversion driving the move.At 0745 GMT the rand traded at 16.1225 against the dollar , about 0.3% down from its previous close.&#34;When global investors become risk-averse, they often sell emerging-market assets first. That's exactly what happened overnight. The rand weakened, becoming one of the worst-performing emerging-market currencies,&#34; said Wichard Cilliers, Head of Market Risk at TreasuryONE. The rand lost ground mainly because the U.S. dollar strengthened as investors sought safety. The dollar strengthened against a basket of currencies. Gold and platinum prices fell, weighing on the rand as South Africa is a major exporter of both metals. Gold prices fell sharply in a broader market selloff on Thursday, as signs of easing U.S.-China trade tensions added further pressure on the precious metals.&#34;Equity market turbulence and a retreat in commodity prices added to the USD's appeal, while reduced expectations of Fed rate cuts ensured that the USD recovered further,&#34; said ETM Analytics. South Africa's benchmark 2035 government bond (ZAR2035=) was weak in early deals, as the yield rose 1.5 basis points to 8.06%.</div></div>

The South African rand fell to 16.1225 against the dollar, down 0.3%, as global risk aversion led to a selloff in emerging-market assets. Analysts noted that the rand was one of the worst-performing currencies due to a stronger U.S. dollar and declining gold and platinum prices. The market's cautious mood was exacerbated by reduced expectations of Fed rate cuts, causing South Africa's benchmark 2035 government bond yield to rise to 8.06%.

Reuters

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South African rand pares gains as markets become risk averse