Gold prices continued dropping during the past week reaching USD 1,232 per ounce amid continuous hike of the US dollar.
Chief Executive Officer of Sabaek company Rajab Hamed told KUNA positive reports about American markets negatively affected the gold and pushed the USD to highest levels since July 2013.
He forecast continuous fall of the gold prices, in the coming days, amid stable global economic and political conditions adding that demand for the gold has noticeably grown in Asia, namely by jewlers.
Hamed forecast continuous fall of silver prices due to investors’ shift to other, more feasible, sectors. Meanwhile, platinum was traded at USD 1,370 per ounce, lower by USD 36, in contrast to the week start. Palladium closed at USD 836 per ounce, falling by USD 49.
Gold price in the local market stood at KD 11.4 per gram (24 karats), KD 9.9 (21 karats) and KD 8.5 (18 karats).
Source : KUNA Kuwait News agency
