Gold down by USD 1,914 per ounce last week

KUWAIT, Aug 13 (KUNA) -- Gold prices fell down to USD 1,914 an ounce by the end of last week's trading, stabilizing to the monthly lowest of USD 1,920 per ounce backed by the dollar's strong performance and US treasury bonds revenue.

A report by Kuwaiti-based Company Dar Al-Sabaaek on Sunday contributed the fall to the greenback's strength amidst doubts in global market towards the US Federal Reserve, especially after the recent release of US economy interest rate data.
Federal Reserve officials affirmed that keeping inflation prices under control requires more work, which reflected on prices of precious metals resulting in prices to fall.
As to the local market, the report pointed that price of a 24-carat gram of gold amounted to KD 19.085, while a 21-carat gram was KD 17.500 and silver at KD 270 per kilogram. (end) fnk.ha.jsy.