Gold price at USD1264- Sabaek Al Kuwait
Date
2/14/2016 7:06:23 AM
(MENAFN- Kuwait News Agency (KUNA)) KUWAIT Feb 14 (KUNA) -- Gold price reached USD 1264 per ounce last week with a rise of five percent recording its highest weekly rate since October 2011 according to Sabaek Al-Kuwait company.Gold ended last week's session at USD 1239 per ounce in New York Mercantile Exchange (NYMEX) recording a rise of about 16 percent since the beginning of 2016 the company said on Sunday.Investors are turning to gold as a safe haven which rises as the price of the US dollar drops while banks are set to get back to quantitative easing plans. Meanwhile low oil prices and unstable regional conditions are affecting economies.Silver prices also rose to reach USD 15.79 per ounce last week with a rise of five percent while platinum rose by USD 49 reaching USD 958 per ounce and palladium rose by USD 29 reaching USD 527 per ounce it added.As for the local markets the company said performance was slow as it was affected by the drop in oil prices and currency rates. However there was a rise in buying on gold ore manufactured gold and gold bars amidst a strong rise in prices where one kilo of gold reached KD 12000.(end) ht.tb.ag
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