(MENAFN- QNA) Gold price continued dropping for the past eight months to reach its lowest at USD 1,214 per ounce amid hike of the US dollar, said an economic report on Sunday.
Sabaek Company pointed out that positive reports about American markets negatively affected gold, leaving gold prices between a rock and a hard place.
Gold is expected to reach its lowest, at USD 1,180 per ounce, according to Kuwait (KUNA) News Agency.
According to reports from World Gold Council, gold-mining costs around USD 1,100 to USD 1,200 per ounce, a high cost that not all mines could afford.
Even though it's a good opportunity to buy gold at its current price; nonetheless, investors are holding their purchases for the precious stone to hit even lower levels.
As for silver, it dropped 4% last week trading at USD 17,8 per ounce. Platinum was traded at USD 1,336 per ounce, falling by USD 35. Palladium closed at USD 814 per ounce, falling by USD 28.
Gold price in the local market stood at KD 11.2 per gram about (24 karats).
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.