Gold price restores gains to1220

(MENAFN- Arab Times) KUWAIT CITY Oct 12 (KUNA): The gold price restored its gains here on Sunday standing at $ 1220 per ounce by the end of the last week trading a specialized economic report said. The gold price rebounded after a three-week decline reaching $ 1183 per ounce the lowest level since Dec 2103 the report said.

The yellow metal could realize an increase of more than $ 40 per ounce in the last days after the return of uncertainties about the US economy especially following the continuing delay of US Federal Reserve to change the dollar interest rate.

Investors across the globe have anew sought refuge in the yellow metal after some major world economies have been experiencing a slowdown. This move was in favor of the increase in gold price vis-a-vis the US dollar the report pointed out.

Despite the revival of gold price the report noted expectations still refer to a decline in its price amid positive expectations of a rise in the US dollar in the upcoming period.

It added this move will prompt investors to enter a process of profit-taking and sell gold at the current levels in order to purchase it in the future at $ 1200 per ounce. As for silver the report noted that white metal price was stable at $ 17. 3 per ounce in the last week trading restoring an increase amid the decline of US dollar.

The report expects that silver price will realize further increase to reach $ 18 per ounce.

Other precious metals have also followed suit of the gold with the platinum trading at $ 1260 per ounce an increase of $ 30 in the beginning of last week trading while palladium stood at $ 785 per ounce. The report pointed out that the local markets have experienced an increase in purchasing of raw gold bullions standing at $ 11.4 per one gram. Meanwhile 18-carat and 21-carat gold artifacts achieved a higher level of sales.