At the close of last week’s trading, gold prices steadied at $2,024 per ounce, accompanied by a slight decrease in futures prices, according to a specialized report from Kuwaiti company Dar Al-Sabaek.
In the local market, the report indicated that the price of 24-karat gold stood at 20.2 dinars (approximately $61.60) per gram, while 22-karat gold was priced at 18.5 dinars (around $56.4) per gram. Silver closed at 268 dinars (about $817) per kilogram.
It’s worth noting that the ounce, a standard unit of mass measurement, is equivalent to 28.349 grams, while in the context of precious metals, it is typically considered as 31.103 grams.
The report highlighted that gold futures contracts for April delivery experienced a 0.45 percent decline, settling at $2,038 per ounce. Traders are eagerly awaiting the release of the US consumption index data scheduled for Tuesday, which will likely influence the future trajectory of the yellow metal’s price, reports Al-Qabas daily.
Analysts are particularly focused on the anticipated US interest rate cut, with expectations pointing towards a commencement in March. It is anticipated that following the rate cut, gold prices will rebound.
Moreover, the US interest rate decision, this week will see the publication of crucial economic indicators such as the US inflation report, consumer confidence data, and updates from the US Federal Reserve. These reports will significantly impact gold’s performance in the coming weeks.
Investors are also closely monitoring the upcoming earnings announcements from major American companies and the release of GDP reports from the UK, Japan, and the Netherlands, as these will provide insights into investment trends in gold for the first quarter of the year.
The report emphasized the geopolitical factor’s importance in gold price determination, noting that tensions in the Red Sea and the Bab al-Mandab Strait are prompting investors to seek refuge in gold, mitigating risks associated with global trade and stock markets affected by these developments.
