Kuwait- Gold price up to USD 1089 per ounce
Date
12/6/2015 7:55:23 AM
(MENAFN- Kuwait News Agency (KUNA)) KUWAIT Dec 6 (KUNA) -- The price of gold rose by 2.6 percent last week as it was traded at USD 1089 per ounce breaking a pattern of low prices that lasted for six weeks according to Sabayik Al-Kuwait Company.Gold was traded at USD 1050 per ounce two weeks ago its lowest price in five and a half years said the company's director general Rajab Hamid in a press statement on Sunday. Prices were affected by unstable international markets.Gold prices were expected to go below USD 1050 per ounce due to the rise of US dollar against other main currencies said Hamid. The rise in precious metals last Friday is a prominent occurence with expectations that the US Federal Reserve will raise the interest rate by 25 points in its upcoming meeting this month.Meanwhile he expected gold price to rise further by the weekend noting that buying rates recorded last week show that gold will not be affected by the rise in interest rate. Moreover he noted that silver also saw a rise of 3.6 percent last Friday reaching USD 14.54.Hamid also said that gold prices might drop to USD 1050 immediately now after cutting interest rates however prices will rise again above USD 1100 in 2016.As for the local gold market the official said that gold retail prices rose to KD 10.7 per gram by the end of last week.(end) ht.amh.ag
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