Kuwait-Mubasher: Gold prices maintained their levels above $1,221 per ounce by the end of last week, Kuwait News Agency (KUNA) said according to Sabaek Al-Kuwait Company.
Sabaek Al-Kuwait said on Sunday that the decline in gold prices in global markets was due to the continuing rise of the US dollar exchange rate, in line with investors turning more optimistic on the global economy.
“The report noted that despite the stability in gold prices above $1250 per ounce at the beginning of 2016, the drop came after concerns over systemic risk in global markets took prices for the haven metal to their highest level in a year last week,” noted KUNA.
On the local markets side, the performance was slow as it was affected by the decrease in both oil prices and currency rates. However, the report said that there was an increase in buying gold ore, amid a strong rise in prices, where one kilo of gold reached about KWD 11,850.
