LOC15:47
12:47 GMT
KUWAIT, Jan 15 (KUNA) -- The gold concluded last week's trade rising to USD 1,195 per ounce with a USD 15 difference compared to the opening price, Sabaek Al-Kuwait Company said in a report released on Sunday.
The gold continued its upward trend for the third consecutive week, posting the highest rise in seven weeks, the report said, forecasting the rate to hit USD 1,200 per ounce.
The bullish trend of the precious metal's price is largely attributed to fall of the US dollar against major European currencies and the sterling pound, in addition to reluctance on part of the US Federal reserve to raise the interest.
Moreover, the gold price improved due to uncertainty in the markets after US President Barack Obama's latest statements that fueled investors' jitters. The gold robustly moved up making up for the recent weeks' losses -- thus the forecast that it may hit the USD 1,250 per ounce level in the year's first quarter remained strong.
Locally, the market witnessed hefty purchases with the 24-gram gold rising from KD 11.5 to KD 11.85 per ounce. (end)
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