(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Nov 23 (KUNA) -- Gold prices closed at a slight increase last week at USD 4,062 per ounce supported by renewed expectations of a possible US interest rate cut in December, according to a report issued Sunday by Kuwait's Dar Al-Sabaek Company.
The report noted that gold gained momentum as market estimates for a December rate cut rose to 70 percent, following remarks by John Williams, President of the New York Federal Reserve, who indicated that policy easing remains possible without undermining efforts to contain inflation.
Gold came under pressure mid-week after stronger-than-expected US labor data showed 119,000 new jobs in September, compared with forecasts of around 50,000.
Figures for the previous two months were revised down by 33,000, while unemployment rose to 4.4 percent, the highest level in nearly four years.
The company added that yields on the 10-year US Treasury fell below 4.1 percent, boosting global demand for gold. It noted that ongoing geopolitical tensions did not translate into significant safe-haven flows, as risk appetite dominated trading amid anticipation of delayed US economic data and the impact of the temporary government shutdown.
Markets also monitored reported US pressure on Ukraine to accept a peace plan involving territorial concessions to Russia, a development that reduced the geopolitical risk premium and kept gold within a narrow range.
Precious metals posted mixed performances, with silver closing at USD 49.9 per ounce after dropping to USD 48 during the session, a key support level over the past four months. Gold traded between USD 4,000 and USD 4,100, reaching a high of USD 4,134 before trimming gains.
The report said global markets are awaiting several postponed US indicators this week, including producer prices, retail sales, durable goods orders, and housing data, all expected to directly influence gold's performance.
Locally, the report said 24-karat gold stood at KD 40.12 (USD 131), 22-karat at KD 36.78 (USD 111), while a kilogram of silver recorded KD 561 (USD 1,840). (end)
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