Published On: Mon, Oct 27th, 2014

Gold price falls to USD 1,231 per ounce



The gold ended last week trading at USD 1,231 per ounce, down USD 16 per ounce compared with its price at the start of week, a specialized report stated Sunday.
In spite of recording its six-week high price, USD 1,255 per ounce, due to active purchase operations, especially from India, the world’s largest gold importer; and positive economic data from China, the world’s second biggest economy, the US dollar rise and the rebounding US equities have managed to reverse the course and take the gold prices down, said Sabaek Al-Kuwait Company for Precious Metals in its weekly report.
It noted that the US currency fluctuation and the world central banks’ delay in changing interest rates may help gold restore its status as a “safe haven” for many traders.
As for sliver, the Sabaek report stated that sliver price have nosedived to USD 17.19 per ounce, losing only 26 cents per ounce, at the end of the week trading vis-أ -vis its price at the week starting session.
Meanwhile, platinum lost USD 26 per ounce to close at USD 1,251 per ounce.
But palladium maintained its upward trend gaining USD 20 per ounce to reach USD 781 per ounce.
The local gold market was relatively calm most of the week but it has seen a boom at the end of week as many clients were waiting to purchase at the lowest price. The yellow metal was sold at the local market for KD 11,500 per kilo.

Source : KUNA Kuwait News agency

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