Price of gold sharply fluctuates in Kuwait

Gold prices sharply fluctuated on the international markets during the past week trades hitting level of USD 1,694 per ounce and dropping to USD 1,630 per ounce, according to Sabaek company. The prices were affected with reports regarding US measures to cope with financial challenges of the so-called fiscal cliff, thus resulting in loss of appetite for trade among many investors, according to the company in a report released here on Sunday. Price of the gold rise, at start of the week, to level of 1,694 (po) was a result of drop of the rate of the US dollar leading to the classic restoration of refuge in the safe investment in the precious metal. However, the situation drastically changed on Thursday when the greenback soared to a record level vis a vis basket of European currencies. Price of the yellow metal usually rises at start of each year, but this year it has dramatically fallen, due to American financial and labour reports. Confidence was relatively restored in the gold markets ending the week trades at the level of 1,650 (po) amid forecast of more rises to the level of USD 1,700 (po) in the coming months, due to continuing instability in the US economy. Price of silver, compared to rate of other precious metals, moved in a sharper manner, where speculators bagged substantial profits after the price per ounce climbed to 45.5 percent at start of the week -- USD 31.4. Trades on Friday posted drop to USD 29.4 (po), two percent lower than the price of the opening. The week trades ended with the price standing at USD 29. 4 (po). Prices of the other metals noticeably improved.