Mines

Gold prices fell 1 percent to $2,658 an ounce at the end of last week’s trade, after a series of gains that continued for seven consecutive sessions in a broad profit-making activity that saw the yellow metal.

A specialist report issued by the Kuwaiti Company “Dar Al-Sabaek” on Sunday said that despite this small decline, gold was able to gain gains for three weeks, at the same time as the decline in the dollar index by 0.15 percent.

The report explained that gold was affected by data from the US Bureau of Economic Analysis, which showed that the personal consumption expenditure price index (inflation) rose last August by 2.2 percent annually, thus ‘ come close to the target set by the Federal Reserve Board. (US central bank) of 2 percent at the same time, the consumer confidence index recorded a significant increase this month, reaching 70.1 points.

He said gold prices hit a record high of $2,672 an ounce before falling to $2,648 on profit-taking activity by traders, indicating that the yield on US Treasury bonds fell to a 10-year low. with five basis points.

On the geopolitical level, the report pointed to “increased tensions between Israel and Lebanon, with the possibility of the conflict expanding to a ground attack, as well as an increase in attacks on ships in the Red Sea, but despite the that great tension, gold. they were not stimulated by profit-making activities.”

At the local level, he pointed out that the price of 24-karat gold stood at 26.32 dinars per gram, and 22-karat gold recorded around 24.12 dinars per gram, while silver was stable at 351 dinars per kilogram.