Gold prices went down two percent to reach US$ 1,137 per ounce in last week's trading, according to Sabaek Al-Kuwait Company. Gold saw a drop for the sixth week in a row, reaching US$ 1,124 per ounce as its lowest rate since last February, affected by the strong performance of the US dollar and the rise in profit rates in the US, said the report.
The company noted that one ounce of gold dropped US$ 35 after the decision taken by the US Federal Reserve to increase profit rate by 25 points, to reach a total of 0.75 percent.
Sabaek expected the US dollar to continue rising against gold and European currencies, adding that it is possible for gold to drop close to US$ 1,100. As for silver, it dropped from US$ 17.20 to US$ 15.87 per ounce due to the strong performance of the US dollar and the increase of electronic deals, said the company.
Meanwhile, platinum rose about US$ 10 reaching US$ 928 per ounce, while palladium lost US$ 37 to reach US$ 694. In local markets, buying operations rose as one gram of 24 carats gold reached KD 11.3, while manifactured gold of 21 carats was about KD 9.9.