Gold prices lost three percent of earnings posted in end of the past week, affected with a robust US dollar, closing at USD 1,235 per ounce, USD 37 lower as compared to the opening rate.
Sales increased during the latest session, while posting record fall this month, amid liquidity shift to the money markets with intention to invest in the greenback which rallied vis a vis other major currencies.
Due to positive US labor market reports, liquidity shifted from the gold market to the American currency, which has gained strength amid positive American economic reports and lack of any sign European economies might recover, despite a euro 60 billion allocations intended to shore up these economies.
Gold prices may jump to USD 1,255 per ounce due to forecast demand improvement and profits to be generated from electronic transactions.
Silver has fallen to less than USD 17 per ounce. Its price may fall further due to improvement of the US economy.
Source : KUNA Kuwait News agency
