Gold price stable above USD1221- Sabaek Al Kuwait
Date
2/28/2016 7:05:46 AM
(MENAFN- Kuwait News Agency (KUNA)) KUWAIT Feb 28 (KUNA) -- Gold prices were stable above USD 1221 per ounce last week according to Sabaek Al-Kuwait Company.In a report released on Sunday the company said that the decline in gold prices in the international markets was due to the continuing rise of the price of the US dollar exchange rate as investors turned more optimistic on the global economy.The report noted that despite the stability in gold prices above USD 1250 per ounce at the beginning of 2016 the drop came after concerns over systemic risk in global markets took prices for the haven metal to their highest level in a year last week.As for silver the report noted that it has ended down 4.4%. Meanwhile other precious metals were affected by weak demands said the report.Palladium dropped USD 16 reaching USD 484 per ounce while platinum dropped 14 dollar reaching USD 916 per ounce upon settlement 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 amidst a strong rise in prices where one kilo of gold reached KD 11.85 thousand.(end) ht.ysa.haq
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