According to the latest report, the prices of gold recorded during the week’s trading rose at the level of USD 1,875 an ounce in six months, in conjunction with the release of the United States jobs data. The report, which was issued by the Kuwaiti Bullion House Company, indicated that the slowdown in job growth in the US last December pushed gold to this level before it closed at USD 1,867 per ounce.
Head of strategic planning at Dar Al-Sabaoik, Adel Al-Fadhli, said that the US job data may affect the path of raising interest rates by the Federal Reserve. He added that the job growth in the US slowed down slightly in December and this decline in wage pressures was one of the positive drivers of gold prices, indicating that inflation is slowing, with the average hourly earnings rising on an annual basis by 4.6 percent last month. He also said that one reason for gold to continue to rise was because the US dollar index settled at the level of 105.22 points, while the US Treasury bond yield for ten years did not change at 3.72 percent.
In terms of the local market, Al-Fadhli told Al Qabas daily that the price of a 24-carat gram amounted to KD 18.37, while the 22-carat was KD 16.84, while the price of silver was KD 283 per kilogram.