May 22, 2024

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Gold price rises to USD 1,273 per ounce

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Gold's price against US dollar
Gold’s price against US dollar

The week gold trades ended with the price at USD 1,273 per ounce, USD 18 higher as compared to the opening rate, according to a report by “Sabayik Al-Kuwait” precious metals trading company.
The political situation around the world has helped in the rise of the gold price as well as the World Bank reports that point to weak growth which affects the stock markets and bonds to the benefit of gold markets, the report said.
The prices of the yellow metal will settle on what it is now due to expected reduction of the U.S. economic stimulus plans; expected to remain around USD 1,250 per ounce in the current period with, rising expectations in the late third quarter of this year, the report added.
As to silver, the rate rose to USD 19.6 per ounce, unlike other precious metals which fell as a result of liquidity shortage.

Source : KUNA Kuwait News agency

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