(MENAFN - Kuwait News Agency (KUNA)) The price of gold has seen high leaps over the past week after breaking the "psychological barrier" of USD 1,800 per ounce before rebounding again in the process of profit-taking.
Al-Zomoroda weekly report said that the ounce of gold achieved a new peak at USD 1,814 last Thursday after breaking the barrier of USD 1,800 for the first time in its history, due to the influence of the state anxiety and loss of confidence in control of the global markets.
The downgrade of the US early last week and the continuing crisis of the European debt had the largest impact on trading at a time is difficult to forecast a short-term override, therefore, it requires "solutions, not killers" to stop the rise in gold prices and markets return to normal, the report added.
As for the local markets, according to the report, the performance contracted last week due to the rise of prices, and low demand during the month of Ramadan.
The gold prices in the local market was at KD 15,800 per KG for the first time, while the 21 carat-gold reached KD 13.7 per gram.