In the global market, the price of gold also saw a rise, increasing by $20 to reach $2,652 per ounce. This uptick reflects the ongoing fluctuations in gold prices both locally and internationally.

Gold prices are determined by a combination of factors, including supply and demand dynamics, geopolitical stability, and economic indicators.

The global gold market operates 24/7, with prices influenced by trading in major financial centres. Central banks, jewellery demand, and investment trends also play significant roles.

Moreover, fluctuations in currencies, particularly the US dollar, and macroeconomic factors such as inflation and interest rates can affect gold prices. As a result, gold is often seen as a safe-haven asset, leading to increased demand during times of economic uncertainty.