LOC12:40
09:40 GMT
KUWAIT, Nov 29 (KUNA) -- Gold price dropped for the sixth week in a row settling on Friday at USD 1,052 per ounce, according to a report released by the ICN institution for market studies.
Downward pace of the falling gold prices is tremendously gaining momentum, approaching the "psychological barriers," the USD 1,000 per ounce level, thus boosting abstention from investment in the precious metal.
Last week's trades pushed the yellow metal to lowest level since 2010, at a time the USD rallied vis a vis the basket of main currencies, posting the highest jump since eight months ago.
The precious metal has begun to lose its long-held status, as a safe haven for investors, many of whom are currently seeking high-yield businesses, instead of merely preserving value of their assets. Moreover, amid anticipated changes in the US monetary policies, the investors fear further decline of the gold soon.
The report advises investors to anticipate further slump of the gold, unless some robust new factors emerge on the markets. (end)
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