KUWAIT: Gold price has hit its highest level in six years on Friday, peaking at $1,452 following a sharp rise in prices since last Thursday, a precious metals trade company said yesterday. Such a rise has had an impact on local gold markets in Kuwait, of which one-gram of 21-karat gold is now estimated at KD 12.2 ($40), Sabayik Al-Kuwait said in its weekly report. Meanwhile, one gram of 18-karat gold is currently estimated at KD 10.5 ($34.4), the report added, noting sales have decreased lately in most local gold stores due to the recent peak in global gold prices. It also mentioned that one kilogram of gold has recently reached KD 14,100 ($46,200) in local markets, noting a large number of people sold their own gold to earn revenues of their old purchases. Investors tend to buy gold, which has relatively little practical value and yields no income, in times of geopolitical uncertainty such as the current tension between the United States and Iran along with recent events that took place at the Strait of Hormuz. - KUNA

Gold