Gold price keeps downward trend

KUWAIT, Feb 22 (KUNA) -- Gold's recently-earned profits have been shed, by nine percent, affected with a robust US dollar and diminishing fears resulting from the Greek debts issue.
The Kuwaiti company, Sabaek, said in a report released on Sunday the precious metal ended last week's trades at USD 1,205 per ounce, falling by USD 27, as compared to the opening rate.
Successive reports from American markets, namely the USD interest rate stabilization, impacted negatively on the dollar rate, for liquidity shifted from the precious metals market to stocks.
Investment portfolios' abstention from investing in the yellow metal and declining purchase by central banks constituted two more factors that pushed the gold prices down to the level of USD 1,200 per ounce. Although there were noticeable transactions in gold jewelry, the prices continued falling.
The report forecast further pressure on the gold in 2015 for longer periods as compared to previous years.
It branded as reasonable the USD 1,200 per ounce price, considering that predictions had put it at the USD 1,172 level. Moreover, the report advised to be involved in long, rather than short, transactions.
Meanwhile, silver has fallen to less than USD 16.3 per ounce. (end) smr.tb.rk