Gold price drops to USD 1,295 per ounce -- Sabaek

KUWAIT, Sept 24 (KUNA) -- Gold price went down by USD 23 to reach USD 1,295 per ounce in last week's trading in New York New Mix market, according to Sabaek Al-Kuwait Company.
It added in its weekly report on Sunday that the yellow metal went down due to various reasons, such as the recovering US dollar and a new sentiment for bold trading among stock and bond dealers.
Gold trades have dropped to the lowest level in three weeks, with the rate hovering at the level of USD 1,287 per ounce, due to profit bagging and corrections in aftermath of Wednesday's Federal Reserve meeting.
The gold has been on downward track since two weeks ago, following recurring hikes that reached USD 1,360 per ounce.
The report expected the precious metal would rally again in the foreseeable future, in light of consecutive increases by the euro, along with other European currencies, in addition to unstable geopolitical conditions.
Although the gold has fallen by more than USD 70 per ounce, it has retained its earnings since start of the year -- above 12.5 percent. (end) mam.rk