Gold prices stable at $1300 per ounce

Gold prices maintained stability in the past week at USD 1,300 per ounce, according to a report by Sabaek Al-Kuwait Company on Sunday.
Investors across the globe have anew sought refuge in the yellow metal; which ended August trading with a USD-86 difference since the beginning of the year despite improvement of the US economy and the ability shown by the US Federal Reserve in maintaining positive data from job markets, GDP, CPI and real estate sales, said the weekly report.
It also forecast that gold prices would go up; as it should, next September, driven by the actual demand on the metal, which started this weekend due to East Asian markets backing up for demand.
The report also pointed out that August data are to set trends to the yearend, awaiting the Federal Reserve data next week.
As to silver, the report said prices of the metal have recently posted its highest in recent weeks, reaching USD 19.44 per ounce this week.
Other precious metals have shown variation in trading, with platinum trading at USD 1,424 per ounce.
Meanwhile, the local gold market was calm in the beginning of the past week, reaching KD 11,820 per gram for pure gold, concluded the report.