Mubasher: Gold continued its bullish performance on Monday after rising more than 5.5% last month, boosted by the return of investment funds to the market.
Rajab Hamed, head of Sabayik Al-Kuwait Co., said gold got a boost from the return of investment funds to the market, in addition to the focus of most central banks on the safe-haven commodity to raise their reserves of gold.
At 5:42GMT, gold rose by 0.44% or $4.50 to $1121.30 per ounce.
Hamed expected gold prices to reach $1140 per ounce this week, noting that oil prices play a major role in stock and forex markets.
Silver increased by 0.51% to $14,315 per ounce.
