Gold price increases as dollar drops
Date
1/10/2016 7:33:07 AM
(MENAFN- Kuwait News Agency (KUNA)) KUWAIT Jan 10 (KUNA) -- Gold price posted signifcant hike during last week's trading to exceed USD 1100 per ounce after a drop in the US dollar compared to the major currencies according to a report issued by ICN electronic economic Corporation released on Sunday.The gold coped with the dollar decline and posted new substantial gains considered the highest since last November the report added.Despite this hike in gold prices yet speculations resulted in decreasing the price slightly from USD 1112 to USD 1103 per ounce in end of Friday's trading it said.However this moderate drop does not signal end of gold rising wave as international financial markets are not stable yet.The report added that open selling operations of shares in US and European financial markets are being clear for the analysts indicating that this would result in the cohesion or increase in gold prices.The risks of the Chinese economy's slowdown and its impact of the international economy would keep up the mounting wave of the gold as being a safe haven for the capitals unless the market witnessed radical changes in the dollar price exchange which went down lately allowing the gold price to go up it said.In case the political tensions in some parts of the world continue the investors would prefer by then buying gold it added. (end) smr.ysa.lb
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