Gold price at USD 1,712 per ounce – report

The price of gold at the global market ended last week’s trading at USD 1,712 per ounce, recording losses for the third week in a row, showed a report on Sunday.

Gold retained a bit of its price in trading ending on Friday as the US report on unemployment revealed that around 315,000 jobs were added to the market in August, an increase from the forecasted 295,000 jobs, said a report by Dar Al-Sabaek Company.

Head of Dar Al-Sabaek’s strategic planning, Adel Al-Fadhli said, according to the report, that despite the Friday improvement, the price of gold was still recording losses for the third week in a row.

The retreat in the price of gold could be attributed to the increase in the interest rate by the Federal Reserve to tackle the rising inflation of 8.5 percent in the US.

The euro zone had also recorded an inflation rate of 9.1 percent in August, driven by increase of electricity and energy prices by 10 folds due to tension with Russia.

Future contracts of gold for December delivery had increased by 0.8 percent, around USD 13, but it went down last week by 1.5 percent, reflecting price fluctuation.

In local market, said Al-Fadhli, the price of one gram for 24 carat reached KD 17.1 while the 21 carat reached KD 15 per gram. The price of silver reached KD 224 for one kilogram.

Source: Kuwait News Agency