South Africa’s gross gold and forex reserves dropped by US$1.5bn in October to stand at US$32.9bn at the end of the month. The weaker US$ gold price reduced the valuation of gold reserves by US$616 million to US$2.9bn. Forex reserves ended the month US$900 million lower at US$29.9bn as the stronger US$ reduced the US$ value of non-US$ reserves. The rand depreciated more than 20% against the strong US$ in the month.