Gold price rise to its highest level in 7 years

KUWAIT, Feb 24 (KUNA) -- Sabayik Al-Kuwait Company said on Monday that gold price rose to its highest level in seven years, stimulated by the demand for safe havens following the continued outbreak of the Coronavirus - Covid 19.
It indicated in a report to Kuwait News Agency (KUNA) that gold ended trading last week in New York Stock Exchange at USD 1,648 an ounce, achieving a rise of four percent, adding that the continued outbreak in China and many other countries will contribute to the rise of gold ounce to USD 1,700.
It also showed that fears of the economic downturn expected to rise in the near future, as China is the world's largest economy. As for silver, the company reported that they also rose about 30 cents to reach USD 18.50 an ounce last week, supported by the same factors that contributed to the rise of gold.
It stated that the local markets witnessed a weakness in purchases after the price hikes, as the prices of 24-carat gold exceeded to KD 16,200 (about 52 thousand dollars). (end) skm.ht.ysa.gaa