Gold price continued its downturn trend for the past week, reaching USD 1,266 per ounce, according to a report by Sabaek Al-Kuwait Company on Sunday.
Gold relinquished gains it made the past few months as US economic data had a huge impact on trading, especially with the exchange rate of the greenback soaring up, said the weekly report.
The report forecast that price of the yellow metal could reach the USD 1,300 per ounce level should the current price settle above USD 1,274 per ounce, attributing that to an increasing and actual demand on the metal in the East Asian markets.
As for silver, the report said prices of the metal also saw a 1.8-percent decline this past week, reaching the USD 19 per ounce barrier.
Other precious metals followed suit in the decline mode, with platinum trading at USD 1,410 per ounce.
Meanwhile, the local gold market was calm in the beginning of the past week, reaching KD 11,600 per gram for pure gold, and KD 370 per ounce for the first time since June, concluded the report.
Source : KUNA Kuwait News agency
