Market

Gold price above USD 1,800 per ounce threshold

The gold has maintained its gains for the third week in a row where its rate exceeded the USD 1,800 per ounce threshold, buoyed by decline of the US currency and long term bonds.

Rajab Hamed, CEO of Kuwait Sabaek Company, said in a statement to KUNA on Monday that the gold rate rose, in trades in end of the past week, closing at USD 1,807 per ounce.

The yellow metal price has largely remained bullish due to decline of the USD vis a vis bulk of the main currencies, with approach of shortening monetary easing program by the US Federal Reserve and forecast rise of the interest rate 0.5 percent BY 2023, Hamed told KUNA.

Moreover, traders are looking forward to outcome of a scheduled meeting of the financial committee of the US Congress, during this week, where legislators would discuss the Federal Reserve measures, slashing the public budget, trimming inflation and hiking the interest rate, Hamed said, pointing out that these factors will affect the precious metal rates.

Furthermore, the traders are keeping eyes on prospected data by American consumers and retail sales that are directly linked to the market inflation forecast, in addition to the interest rate in Canada, where it is expected to be steadied at 0.25 percent.

Source: Kuwait News Agency

ANE