KUWAIT: Gold price witnessed a rise in the international markets due to the possibility of increasing interest rates by the Federal Reserve (American Federal Bank), this month. Sabaek Al-Kuwait Company CEO Rajab Hamed said in the company’s weekly report issued yesterday that the gold prices witness a rise, reaching more than $1,200 per ounce after dropping last month to its lowest levels in the last five years. Gold ended last week’s trading at $1,135 per ounce with a decline of 2.2 percent, affected by the instability in the international markets, the currencies war, as well as the turbulence witnessed at the American and Chinese markets, he said. The gold registered it highest price at $1,171 on last Monday, while it retreated to $1,118 last Wednesday, as the gold prices fluctuations result from various economic data issued by the markets and not upon supply and demand, he added. He expected the currency war to continue as the precious minerals will be the last resort, he said.

The investors will be cautious on a daily basis regarding the weekly data issued by American Federal Bank, besides the Chinese government decisions of moving the prices radically up or down, Hamed mentioned. The local markets were characterized by calmness by the beginning of the week while the reviving operations took place with the gradual movement of gold prices, he added. Greece’s debt crisis, and retreat in oil prices are among reasons standing behind the rising gold prices, along with the unclear vision regarding the China’s pursuit of reducing the value of its currency, he said. —KUNA