Published On: Mon, Jan 5th, 2015

Gold down to USD 1,186 per ounce

Gold

Gold

Gold ended last week at USD 1,186 per ounce, due to the decline of trading volume and profit-taking, an economic report said on Sunday.
Compared to the start of the trading week, gold witnessed a relative rise, closing at USD 1,186 at the closing of New York Mercantile Exchange (NYMEX), the report by Sabaek Al-Kuwait Company for Precious Metals added.
It stressed the direct relationship between the decline of major currencies and gold prices, noting that the precious metal was a key investment tool last year.
Sabaek expected gold results for 2013 and 2014 will lead to more gains in 2015, saying that most investors are pretty sure it is rising to USD 1,250 per ounce.
The report ruled out gold might fall to USD 1100 over the coming days amid the drop of oil prices and the recovery on European markets. Major support is expected from East Asian countries.
Silver price has fallen to USD 15.7 per ounce at the end of the week, offering a good chance for purchase, the report noted.

Source : KUNA Kuwait News agency

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