The price of gold rose by US $ 8 at the end of trading last week to close at the level of $ 1180 per ounce after three consecutive weeks of decline.
The news agency quoted the Kuwaiti “KUNA” all released economic report today of Kuwait alloy to trade precious metals that the most important factor for the high yellow metal is the reluctance of investors from trading in US and European stock markets after increased concerns about Greece’s debt crisis and later move the interest rate on US and European currency ( euro).
He explained that the difference between the highest price and the lowest price of gold was limited by $ 20 only refers to the weakness in the trading despite the rise in price, and expected to metal prices fall again, because of the expectations about the rise in the dollar’s exchange rate against major currencies again.
And between that it is possible that moving the price of gold to support centers at $ 1160 or $ 1150 per ounce if the outcome of the US Federal Reserve Board meeting (the central bank) decisions raise the interest rate .. stressing that the US currency will step up significantly on the gold account with any lifting interest rate, and thus the descent of gold prices, but if continued fixed rate of interest on the level (zero), it is likely that the current prices of the precious metal stabilized and even go up to $ 1,200 per ounce.
He pointed out that the trading scenario for the current week will begin weak demand until next Wednesday in anticipation of the results of the meeting (Fed), it is possible that prices rise with the release of any news about keeping the interest rate at the current level.
And silver report said she accompanied the gold in landing and lost about 13 US cents in value to reach 8.15 dollars per ounce expected rebound in the coming days about the level of $ 17 an ounce next depending on the actual demand from industrial sectors.
He stated that the rest of the precious metals fell due to profit taking and short-term sales operations, closing with platinum at $ 1099, the same opening price, while palladium fell $ 11 from its opening price to close at $ 739 an ounce.
The report pointed out that the local markets have seen a gradual recovery in the gold ore and gold BUSY sales, pointing out that the pace of activity usually rises in the summer months plus lower prices, encouraging customers to buy, predicting that gold investment sales increase Kallirh Love spells are small and alloys.