Rise in Gold Prices and South African Rand's Gains

The South African rand gained value on Thursday, reaching 16.32. On the same day, gold prices also rose by more than 1%. The country's manufacturing production fell by 4.3%.

Rise in Gold Prices

■Gold prices rose due to structural financial and geopolitical risks.

■Gold is an important export item for South Africa.

■The US dollar fell by 0.1% against a basket of currencies.

South African Economy

■South Africa's manufacturing production fell by 4.3% in May on a yearly basis.

■A 2.9% decline was recorded in April on a yearly basis.

■The Top-40 index on the Johannesburg Stock Exchange rose by 1.1%.

Markets are being cautious in response to this situation. In particular, new conflicts in the Middle East and Hormuz concerns are causing oil prices to fluctuate.