Gold prices close at USD 2,007 per ounce

KUWAIT, April 9 (KUNA) -- Gold prices closed at USD 2,007 per ounce in last week's trades following a series of profit making operations that coincided with the extraordinary rise of prices on Tuesday.

A specialized report issued by Kuwaiti Dar Al-Sabaek on Sunday mentioned that despite decrease from USD 2,025 per ounce, gold registered weekly gains of two percent, nearly the highest in a year.
American employment statistics, which came lower than expected, played a role in prices reaching above USD 2,000 an ounce, explained the report.
This indicates that the Federal Reserve (US Central Bank) could cede policy of raising interest and thus causing gold prices to remain aloft.
The main driving factor behind gold prices, mentioned the report, is interest rates and American inflation data, set to be published this week.
Gold future contracts fell back by 0.5 percent (approx. USD 9.2) to reach USD 2,026.
On a local level, the price of one gram of 24 carat gold reached on Friday KD 19.7, whereas the price of a 22 carat gram reached KD 18. (end) smr.ht.aai.