Gold held its gains for the second week, as its prices reached USD 1,766 per ounce during last week’s trading, after its decline that reached USD 1,675 per ounce.
In a report, Kuwait Sabayik Company stated to KUNA that the yellow metal increased reaching a weekly high level due to many factors that contributed to its rise.
The report also added that the Head of the Strategic Planning, Adel Al-Fadhli said the price of gold improved after the American Federal Reverse Board raised its interest rate by 75 basis points, which reflects on the US dollar exchange rate and its decrease to its lowest level in 20 years.
Al-Fadhli explained that the increase in gold prices pulled in traders and speculators in global stock exchange, and their decision in investing in safe havens.
As for other metals, silver rose to USD 20.26 per ounce, platinum at USD 895 per ounce and palladium at USD 2,122 per ounce.
Source: Kuwait News Agency