LOC13:53
10:53 GMT
KUWAIT, Oct 11 (KUNA) -- The price of gold rose to USD 1,157 per ounce in last week's trades, due to the US Federal Reserve's decision to keep the profit rates unchanged, according to a specialized economic report released by Sabayiks Kuwait company on Sunday.
Gold prices rose by USD 20 (1.7 percent) benefitting from the weak performance of the US dollar and the drop in US shares, the report noted.
Meanwhile, the report said that expectations on raising quantitative easing in Europe, regardless of the US profit rates, led investors who fear increasing inflation rates to consider gold as a safe option.
Last week, gold exceeded the USD 1,160 per ounce record for the first time in two months, with increasing buying demands despite its high price.
Gold prices kept rising depsite previous fears that it will drop below USD 1000 per ounce, said the report, expecting prices to remain above USD 1,150 per ounce, with a difference of USD 75 from its lowest recorded price last July.
As for silver, the report noted that it has also risen to about USD 15.5 per ounce, exceeding the average record of 200 days of exchange.
The company also said that other precious metals such as platinum rose by USD 58 reaching USD 980 per ounce, while palladium was unchanged at USD 710 per ounce.
The local markets saw an active buying operations mainly in pure and manufactured gold by the end of last week, as the price of one gram reached about KD 11.3, the company noted.(end)
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