KUWAIT, May 24 (KUNA) -- Gold has maintained gains by the end of last week's trading and settled at USD 1,204 an ounce, despite profit-taking, short sales and rising value of the US dollar against major European currencies, a report indicated on Sunday.
A strong US dollar pressured other precious metal prices, especially gold, which settled close to 1,200 through the trading week, according to the report issued by Sabaek Al-Kuwait Company.
The decline of the precious yellow metal started along the announcement of positive US economic data supporting the dollar exchange price against major European currencies, the report said.
Sabaek Al-Kuwait forecasted stable gold prices around USD 1200 over the coming period, referring to signals that it is more likely to fall, but no severe rise or decline is expected Meanwhile, silver prices rose along gold in Monday and Tuesday trading, but severely fell with the opening of the US markets, at the issuance of US Building Permits, to stand at USD 17 an ounce.
As for local markets, they were calm with the start of the week, with the gradual fall of gold prices and crude gold sales.
Then gold prices were down almost all through the week. (end) ht.hb.ss