PHOTO
Kuwaitis look at gold jewellery displayed at a shop in downtown Kuwait City on December 4, 2023. Gold hit a record high on December 4, as growing optimism that the Federal Reserve will cut US interest rates in the new year has dented the dollar in recent weeks. The precious metal, seen as a haven investment, reached an all-time pinnacle at $2,135.39 an ounce. (Photo by YASSER AL-ZAYYAT / AFP). Image used for illustration
KUWAIT CITY: Gold prices continued their upward trajectory last week, closing at $2,935 per ounce amid rising geopolitical tensions and shifts in U.S. trade policy, according to a report by Kuwaiti company Dar Al-Sabik released on Sunday. The report noted that gold recorded its eighth consecutive weekly gain, rising 1.8% from the previous week and surpassing a market value of $20 trillion. Prices fluctuated between $2,930 and $2,954 per ounce, driven by concerns over inflation, global conflicts, and U.S. President Donald Trump’s latest tariff measures
Trade disputes—particularly those affecting automobiles, pharmaceuticals, and semiconductor imports— have fueled economic uncertainty, prompting investors to seek gold as a safe-haven asset. In the local market, 24-carat gold was priced at KD 29.45 per gram (approximately $90), while 22-carat gold stood at KD 26.80 per gram (around $82). Silver prices remained steady at KD 362 per kilogram ($1,183). Gold’s ongoing rally, the longest since 2000, underscores its status as a key hedge against inflation and economic uncertainty, with investors continuing to strengthen their positions in the metal.
Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info).
