LOC15:53
12:53 GMT
KUWAIT, Dec 22 (KUNA) -- Head of Planning and Follow-up at Dar Al-Sabaek Company Bader Al-Rezaihan said gold prices surged in trading to record levels, surpassing USD 4,415 per ounce, driven by safe-haven demand and US interest rate cuts expectations.
He told KUNA on Monday that rising signs of easing US inflation and softer labor data strengthened investor bets that the Federal Reserve will shift toward monetary easing during the coming period in global markets.
He explained that lower interest rates reduce the opportunity cost of holding gold, increasing its appeal as a hedge during uncertainty, while a weaker US dollar boosts demand by making bullion cheaper internationally for investors.
Al-Rezaihan noted that ongoing geopolitical tensions and rising political and economic risks pushed investors toward safe assets, particularly gold, as markets await key US growth and inflation data guiding policy expectations during the coming months.
He added that silver prices also rose sharply, jumping over three percent to trade near USD 69 per ounce, marking record levels amid stronger investor appetite for precious metals this year across global commodity markets. (end)
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