LOC17:30
14:30 GMT
KUWAIT, Aug 28 (KUNA) -- The gold price dropped to the lowest level in five weeks reaching USD 1.316 per ounce and settling at USD 1.320 per ounce in the end of the past week's trade.
Sabayik Al-Kuwait company for precious metals said in a weekly report released on Sunday that the yellow metal was affected with uncertainty gripping the markets after the US central bank signaled possibility to raise the interest rate.
The gold after a speech the US Federal Reserves chief Janet Yellen, in this regard on Friday, moved high drastically reaching USD 1.341 per ounce. However its rate moved down to USD 1.319 per ounce with the improvement in the dollar value and recovery of American markets.
Silver accompanied the gold in the downward trend, settling at USD 18.62 per ounce. (end)
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