Gold price stabilizes at USD 1,756 per ounce

Gold prices stabilized at the end of last week’s trading to USD 1,756 per ounce, amid expectations that US Federal Reserve (Central Bank) would continue to increase interest rate, the Kuwaiti Dar Al-Sabaek Company report said on Sunday.

The report added that the majority of US financial policy makers support slowing down increasing interest rate, while observers believe that in December the rise in interest will not exceed 50 basis points in interest of the gold price that was stable during the past week.

The report quoted the company’s strategic planning department head Adel Al-Fadhli, as saying that gold is sensitive to the US interest, as its rise increases the cost of investing in it.

He added, “With the first stop in raising interest, we will see noticeable price jumps and an increase in demand for gold by global investment funds.” He also added that the US financial authorities’ figures indicate that inflation is slowing down, which motivates investors to sell, thus leading to gold recovery.

Al-Fadhli pointed out that investors are looking forward to the US labor data, including the GDP report for the third quarter of 2022, the PCE price index as well as the speech of the Federal Reserve Chairman as all these data play a major role in influencing USD price rise and fall.

Regarding the local market, gold prices closed at KD 17.42 per gram (24) karat and KD 15.97 for (22) karats, while silver recorded KD 264 per kilogram

Source: Kuwait News Agency