Gold price restores gains to $1239 per ounce

The gold price restored its gains, standing at USD 1,239 per ounce by the end of last week trading, a specialized economic report said Sunday.
The gold price managed to hit a new high in October, reaching USD 1,255 per ounce, according to the Sabaek Al-Kuwait weekly report.
Should the yellow metal go for the USD-1,270 barrier, it would be its last line of resistance, driven by fears of a shrinking global economy and uncertainties about the ability of US economy to keep up on growing, especially without an economic package by the US Federal Reserve in the horizon.
As for silver, the report noted that the white metal price was stable during last week's trading at USD 17.3 per ounce, forecasting further increase with the start of industrial demand on the metal.
Other precious metals have also followed suit of gold and silver, with platinum trading at USD 1,264 per ounce, an increase of USD six in the beginning of last week's trading, while palladium stood at USD 756 per ounce.
In local markets, the report pointed out the increase in purchasing of raw gold bullions at KD 11.5 per gram.
Meanwhile, 21-carat gold items were stable at KD 10.1 per gram.