Gold prices rise to $1,797 per ounce

KUWAIT: Gold prices rose last weekend to reach $1,797 per ounce, following American labor statistics showing a decrease in unemployment and steadiness in inflation rates. Producer Price Index (PPI) in the United States increased by three percent last November on a monthly basis, one percent higher than expectations of two percent, indicated a report issued by Kuwaiti Dar Al-Sabaek.

Analysts are anticipating this week data of Consumer Price Index, as well as the US Federal Reserve’s statement, as this will directly influence the rise and fall of gold prices, noted the report. American inflation is expected to be more moderate, which will affect the Reserve’s decision on raising interest rate; the US slowing pace of interest rate could boost gold prices in global markets.

The report added that investors still prefer investing in the precious metal in times of instability in global markets. Gold futures, to be handed in February 2023, rose by 0.5 percent i.e. $9.20 to record $1,1810.7 per ounce whereas the US dollar stabilized at 104.79 points against basket of other major currencies. As for the local market, the report showed that 24 carat gold prices closed at KD 17.8 per gram, whereas 22 carats closed at KD 16.3 per gram. – KUNA

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