Gold reaches its highest rise in 3 months

KUWAIT, May 17 (KUNA) -- A specialized economic report indicated on Sunday that the gold reached its highest level in the last three months, with an increase percentage of 3.1 to hit USD 1,226 per ounce.
The report issued today by Sabaek Al-Kuwait Company added that quick hike of the gold, which took place in a short period, came in contradiction with the analysts' forecasts.
The closing of The New York Mercantile Exchange (NYMEX) was at USD 1,226 per ounce, it added.
Meanwhile, most of next week forecasts are indicating further increase due to immense pressure practiced on the dollar because of the weak economic data of the US markets, it added.
The current positive gold prices will be slightly affected by the selling operations of currencies and metals expected to be conducted during the next sessions after reaching very high levels compared to past few weeks, it said.
The silver was also increasing along with gold since the beginning of the week by USD 1.1 per ounce, with a percentage of 6.6 to settle at USD 17.57.
Sabaek Al-Kuwait Company report expected the silver failure to maintain these gains, due to the selling and profit generation next week.
The rest of the precious metals went up along with the gold and silver, maintaining a stable level, as the platinum closed at USD 1,172 per ounce with a rise of USD 32 compared to the opening price, while the Palladium went up by three dollars compared to the opening price to reach USD 793. (end) ht.tb.lb