Gold price continued bearish trend for the third consecutive week reaching USD 1,206 per ounce, affected with the dollar robust rate and bullish US stocks, according to Rajab Hamed, Chief Executive Officer of Sabaek Kuwait.
The gold has shed lots of its gains, posted over the past eight months, Hamed said in remarks to KUNA on Sunday, indicating that along with the robust status of the green-back, weak demand caused the gold price to fall.
The weak demand is posted in India and China, “and this is not a normal occurrence for these markets have always posted high demand particularly when the rate reaches USD 1,200 per ounce,” he added.
Hamed indicated that investment funds and central banks have largely abstained from purchasing the yellow metal. As to forecasts, some experts believe that the rate will settle at USD 1,200 per ounce, others say it will reach USD 1,180 and only a countable number of analysts speculate the rate will fall to USD 1,115.
However, most of the experts believe that the gold price will go up to USD 1,250 before the year-end.
Silver price dropped 1.7 percent, during the past week trades, reaching USD 17.35 per ounce.
Source : KUNA Kuwait News agency
