– Gold hit its highest level in four months, reaching USD 1,800 per ounce at the end of last week’s trading.
The rise in gold prices came after the Chair of the Board of Governors of the Federal Reserve System Jerome Powell’s decision of raising interest rates in December.
In a report, Kuwait Sabayik Company stated Sunday that gold prices rebounded again, saying that gold rose in conjunction with the decline in the value of the dollar, the decline in US Treasury bond yields, and the Federal Reserve’s intention to reduce the pace of raising interest rates this month by about 50 basis points.
The report quoted head of strategic planning at Sabayik Company Adel Al-Fadhli as saying that gold price reached its highest level in four months above 1800 USD, before retreating to close at 1799 USD an ounce after the US jobs report.
Last Friday, the dollar index rose to 105.5 after a strong job report, which showed that the US economy added 263,000 jobs last November, exceeding market expectations of 200,000 jobs, which indicates the continued strength of the labor market in the United States, Al-Fadhli added.
Regarding the local market, gold prices closed at KD 17.76 per gram (24) karat and KD 16.28 for (22) karats, while silver recorded KD 275 dinars per kilogram.
Source: Kuwait News Agency