Kuwaiti company: Gold prices at USD 2039 oz., last weeks

KUWAIT, Feb 4 (KUNA)-- Gold prices stabilized at USD 2039 per ounce in last week's trading, following the rise of US dollar and Treasury bond yield, Dar Al-Sabaek said on Sunday.

The Kuwaiti company said the gold prices were low in the last weeks, amid the increase of US employment markets, as 353,000 jobs were added in January, which was more than 333,000 jobs in December 2023.
The US employment markets reached 180,000 jobs, bringing the unemployment rate to stabilize at 3.7 percent comparing it with past percentage 3.8, confirming that an increase in employment rate means an increase in US economy rate, therefore there will be a decrease in safe-haven assets, the report added.
World Gold Council data showed that gold was demanded in 2023, which reached 4,899 tons by Central Banks and world's markets. It showed that the key factor behind the gold demands is the US interest rate cut, amid the constant increase of it in the last two and half years, due to the geopolitical tensions in the ongoing Ukraine war, Israeli occupations in the Gaza Strip and the events in the Red Sea and Strait of Bab Al-Mandab. On the local markets, the report stated the price of a gram of 24K reached KD 20.46 (around USD 61.40) whereas 20K reached KD 18.66 (around USD 56.9) silver closed at KD 269 (around USD 820) per kilogram. (end) smr.sm,