KUWAIT: Gold Prices dropped by less than one percent to $1,789 an ounce last week, after undergoing sharp ups and downs this past year, revealed a specialized report on Sunday. The report, issued by Dar Al-Sabaek Company, mentioned that in the year 2022, gold's highest point was at $2,000 per ounce last March, whereas the lowest point was in November at $1,629 an ounce.

The Kuwaiti gold company attributed the fluctuations in the gold market to the United States' financial policies regarding interest rate, as the price of gold drops in case of accelerated pace and as it slows down, gold price goes up. Last week, the report added, saw the rise of gold futures by 0.5 percent to record a $1,804 per ounce, a $90 increase from current prices, proving that investing in the gold market remains a safe bet in light of current economic uncertainty.

The gold market managed to sustain its gains despite fears of economic recession as preliminary data shows further shrinkage in industry and services sectors around the world, read the report adding that gold price could reach $2,000 an ounce this upcoming year should the US continue tightening financial policies and raising interest rate. As for the local market, the report mentioned that gold price for 24 carats reached KD 17.7 per gram whereas the 22 carats reached KD 16.2 per gram, and the price of silver reached KD 281 per kilogram. - KUNA