KUWAIT, Oct 4 (KUNA) -- The global price of gold was traded at USD 1,138 per ounce during last week due to statistics showing the weak performance rate of the US dollar, said an economic report Sunday.
The report said that gold was up by USD seven from the previous week's numbers. The report attributed the hike in the price to statistics showing that the US job market created some 142,000 jobs in September, a 60,000 job decrease from what was forecasted.
The gold price increase was due to the weak performance of the US dollar against major currencies such as the euro.
The future forecast for the gold price revealed a further increase especially with predictions showing that the US dollar will continue to perform poorly. The indications that the eurozone will witness weak growth during next week trades also will have an impact on the gold price hike.
Meanwhile, the silver, similar to gold, saw a hike in price last week reaching USD 15.2 per ounce.
The price of silver in previous weeks saw it bouncing between USD 14.5 and 15.2 per ounce, said the report, adding that the forecast also predicted the situation will continue in the remaining months of 2015.
Other precious metals' prices were varied with the Platinum ending last week's trade down to USD 905 per ounce, while the Palladium went up to reach at USD 698 per ounce. (end) smr.gta