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KUWAIT: A Kuwaiti jeweler displays gold bracelets at his shop in downtown Kuwait City in this file photo.- Photo by Yasser Al-Zayyat
KUWAIT: A Kuwaiti jeweler displays gold bracelets at his shop in downtown Kuwait City in this file photo.- Photo by Yasser Al-Zayyat

Gold prices surge to $2,390 per ounce amidst tensions

KUWAIT: Gold prices logged new highs at $2,390 per ounce - stimulated by geopolitical tensions in the Middle East. A report issued by Dar Al-Sabaek on Sunday indicated that investors perceive gold as a safe refuge in times of uncertainty, and lack of visibility. Gold futures remained steady at $2,431 an ounce, a testament to strength of demand as investors and central banks all around the globe look into increasing gold purchases up until next June.

Last week, the US dollar index persisted at 106.1 points, as gold futures reached $2,433 per ounce. The US economy’s positive outcomes should have sent gold prices hurtling, explained the report, but to current geopolitical climate gold prices endured. Indices of retail sales and purchasing managers’ performed well, prompting the US Federal Reserve (the central bank) to keep interest rate between 5.25 and 5.5 percent to counter continuous inflation.

Analysts are awaiting personal consumption expenditure data next Friday, which will give incite on inflation rate in upcoming period. The appeal of gold is as a safe investment is speculated to remain steady during short and medium-length terms in this state of uncertainty. In local markets, 24-karat gold reached KD 23.89 per gram (approx. $73), 22-karat gold KD 21.09 (approx. $67), while price of silver closed at KD 355 per kilogram (approx. $1,008). — KUNA

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