(MENAFN - Kuwait News Agency (KUNA)) The price of gold is till negatively affected by the eurozone crisis despite a hike in last hour's trading in which the precious metal closed at USD 1,592 per ounce, a specialized reported noted on Sunday.
The report by Al-Zummorroda Jewelry Company said that gold had hit its lowest price at USD 1,555 per ounce, on Thursday, and its highest price at USD 1,600 per ounce on Tuesday. Gold has been going steady at this strong price range for the past two months.
Going steady at this range, along with data reporting a weak Chinese economy, helped gold to achieve gains of USD 26 per ounce, which amounted to 1, 7 percent; investors, therefore, have been reconsidering purchasing gold as a security blanket against the current economic hazards.
The reported noted that the yellow precious metal have become more sensitive to global economic ups and downs; its prices have been fluctuating, within one week, between USD 40-50 per ounce.
Gold is expected to reach positive numbers before the end of 2012 and break its US 1,600 per ounce range if the US Federal Reserve decided to approve a new quantitative easing plan at the end of this month. This quantitative easing would, hence, deplete the US dollar and drive investors to buy more gold, the report added.
Sliver, meanwhile, has slipped below USD 27 per ounce, on Thursday, due to the strong US dollar. However, it slightly increased by 0.8 percent to close at USD 27,3 in light of the weak Chinese economy.
As for the local market, 24 carat gold came to KD 14.4 on Thursday and Friday and there was high demand for purchasing gold bullion. The 18 and 21 carat gold, meanwhile, maintained a steady demand due to a drop in prices in comparison to that of last year.