KUWAIT CITY: Gold price rose by eight dollars in end of the past week, settling at USD 1,180 per ounce after remaining bearish for three consecutive weeks, according to Sabaek Al-Kuwait Company. Sabaek said in a statement, on Sunday, that major causes for investors’ abstention from gold trading in American and European markets were jitters related to the Greek debts’ issue and forecast decisions on the interest rate in the US and Europe.
The gold price has been fluctuating within a 20-dollar range, upwards and downwards, the report said, forecasting a drop due to predicted rise of the USD dollar against the other hard currencies. It may fall to the USD 1,160-1, 150 level, in the event the US Federal Reserves hiked the interest rate.
Current week’s scenario will be marked with weak demand till Wednesday, when the Federal Reserves holds its scheduled meeting and prices may rise if the interest rates are kept unchanged. As to silver, the metal lost 13 cents, settling at USD 15.8 per ounce. However, it may jump to USD 17 per ounce due to forecast demand from manufacturers.
Rates of other precious metals dropped due to profit generation and short-term sales. The platinum closed at USD 1,099 per troy ounce (oz t) and palladium dropped USD 11 settling at 739 per ounce. Local markets have witnessed gradual recovery in sales of the raw ad manufactured gold, the report said, noting trades are forecast to increase this summer due to low prices.
