Gold price up to $1,375 per ounce

12/07/2016 06:22 AST

Gold prices went up for the sixth week in a row, hitting $1,375 per ounce during last week’s trading, Sabaek Al-Kuwait Company said yesterday. Gold prices are even expected to edge up to $1,400 per ounce in the coming few weeks, buoyed by the current circumstances of the world market and the EU’s Brexit vote results, the company said in a report released today.

World markets may disagree over goals but they share the same effort in pursuit of a secure resort, it said, mentioning in particular the Asian markets which are experiencing economic slowness, or the European ones which are facing the aftershocks of the EU’s Brexit vote.

Investors were disappointed over the findings of the US markets on which they pinned much hope to curtail surging oil prices. As the findings were announced, gold prices fell by roughly $20 to the level of $1,336 per ounce, it added. Many dealers anticipated a corrective wave of gold prices in the coming period, it said, suggesting that it is impossible to see 2015 gold price recovery.

Regarding silver, the report said silver prices also went up between $20.50 and $20.80 per ounce, supported by the current world market conditions and online trading. Silver price plummeted to the level of $19.20 per ounce last Friday following US employment data for June, the report indicated. At the local market, gold prices hit KD 13,250 per kg for the first time since 2014, it concluded.


Kuwait Times

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