Kuwait- Gold price stays at USD 1060 per ounce- Sabayik
Date
12/20/2015 8:11:02 AM
(MENAFN- Kuwait News Agency (KUNA)) correcting
KUWAIT Dec 20 (KUNA) -- Gold price reached USD 1060 per ounce in global markets despite US central bank's decision to raise interest rate by a quarter points said an economic report on Sunday.
The price performance is different from analysts' predictions where they have forecast that it will be below USD 1000 per ounce Sabayik Al-Kuwait Company said in the report.
It reached USD 1079 per ounce when the interest cut was declared after it fell to USD 1048 before the announcement the report added.
The prices will remain close to current levels or will be moving in a narrow range next year due to forecast effects of raising the interest rate where the yellow metal higher resistance will be at USD 1150 per ounce and the lowest support point at USD 1050 per ounce.
Silver price was up by 36 cents to reach USD 14 per ounce. Other precious metals also rose at the end of last week. Platinum reached USD 858 per ounce and palladium rose to USD 555 an ounce.
Local markets witnessed rebound in gold sales as the metal purchases of golden ore and gold bar upped at the end of last week. (end) smr.tab.ss
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