Gold Prices Down To USD 2,338 Per Ounce In Last Week's Trading

4/28/2024 5:17:10 AM

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, April 28 (KUNA) -- Gold prices went down at USD 2,338 per ounce after the closing of last week's exchange market, recording weekly losses for the first time in five weeks.
Kuwaiti (Dar-AlSabaek) company in a specialized report, said that gold futures prices reduced their gains due to the continued tightening of US monetary policy and the federal Reserve (the central bank)'s insistence on not lowering interest rates in the short term.
The American economic data had a major role in the sharp fluctuation witnessed in the price of gold last week, as the US Department of Commerce announced that the price index for personal consumption expenditures, including food and energy, rose by 2.7 percent on an annual basis in March, which is higher than estimates of 2.6 percent, which means the inflation index remains above the target level of two percent, the report added.
The US dollar regained some of its strength against other major currencies, as the index that measures the performance of the green currency increased by 0.4 percent to close at 106 points, which led to declines of gold price.
The market observers expect the US Central Bank to postpone its decision to reduce interest rates in conjunction with University of Michigan data, which revealed an increase in American consumers' expectations for inflation during the coming year from 2.9 percent to 3.2 percent, "which are all indicators that indicate the bank's delay in reducing interest rates in the near future," the report said.
The economic impact on gold prices will not lead to sharp declines, but analysts expect the prices of the yellow metal to remain well maintained as a result of the continuing developments in the global geopolitical scene and the increasing military tension, whether in the Middle East or Ukraine, "where the attractiveness of gold as a safe haven remains constant," it added.
As for local market, Dar Al-Sabaek report stated that the price of a gram of 24 carat reached KD 23.36 about (USD 71), while a gram of 22 carat reached KD 21.41 (USD 65), while silver closed at KD 321 (USD 1,052) per kilogram. (end)
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