Kuwaiti company: Gold price stabilizes at 2,045 per ounce last week

KUWAIT, Jan 7 (KUNA) -- Gold price stabilize at the end of last week's trading to USD 2,045 per ounce, after achieving high of USD 2,060 per ounce amid the geopolitical and technical factors on the yellow metal, said Dar Al-Sabaek In the report released on Sunday by the company, the prices of gold futures contracts for delivery next February stabilized at USD 2,049 per ounce, ending a series of gains that lasted three weeks, as traders reset their bets on the first cut in the US interest rate.

The metals markets are anticipating a decrease or stabilization of the US interest rate in the first quarter of this year, mainly in conjunction with the emergence of economic data indicating an increase in employment in the US market, as 216 thousand jobs were added recently, bringing the unemployment rate to stabilize at 3.7 percent, the report added.
The euro zone had also recorded an inflation rate of 2.9 percent in December meanwhile the dollar index, stabilized at 103.1 points.
It also explained that there are possibilities of decreasing the US interest rate by 25 points during March, noting that the current week will witness the emergence of new inflation data, followed by US foreign trade data and producer prices.
|Analysts do not only check technical data, but rather the rapid geopolitical developments in the Middle East and the possibility of expanding military tension in the region with the rise in maritime shipping costs, which may increase economic fluctuations, thus investors turn to the yellow metal instead of investing in high-risk markets, it noted Regarding the local market, the price of a gram of 24 karat was KD 20.4, the price of 22 karat was KD 18.72 while silver closed at KD 274 per kilogram.
Ounce is one of the units' measurement of mass, which is equal to 28.349 grams, while a troy ounce of gold equals 31.103 grams. (end) smr.hth.sm.