South Africa's commodity-backed currency was steady on Thursday, supported by higher gold prices as investors fled to the safe-haven metal after steep tariffs imposed by U.S. President Donald Trump took effect.

The USD/ZAR exchange rate dropped to a low of 17.72, its lowest level since July 25, and 3.3% below this month’s high.

The South African rand was on the backfoot in early trade on Friday, as investors weighed the prospect of higher tariffs on exports to the United States after the country failed to clinch a trade agreement before Washington’s deadline.