(MENAFN- Kuwait News Agency (KUNA)) Gold prices are poised for further gains this week amid reports that US Federal Reserve will carry out a new quantitative easing process to help revive the US economy, a precious metals' expert forecasted.
In statements to KUNA, Director of Bullion Department at Zoumuruda Group Rajab Hamid said that the remarkable hike in gold prices in last week's trading was due to US Federal Reserve Chief George Ben Bernanke statements about fears of new recession if no action is taken to stimulate the economy.
The yellow metal jumped to USD 1,670 per ounce in closing trading sessions of last week.
He pointed out that gold traders are awaiting the outcome of the next meeting of the US Federal Reserve on September 13, which will discuss adopting new stimulus measures to help economy, including new quantitative easing process.
"If the United States conducted a new quantitative easing process, gold price will jump over USD 1,700 per ounce," he said.
Hamid noted that traders usually resort to gold and precious metals as safe haven assets in cases of recession or uncertainty about the future of the economy.
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