Kuwaiti company: Gold prices close at USD 2049 per ounce last week

KUWAIT, Jan 14 (KUNA) -- Gold prices closed high at USD 2049 per ounce at the end of last week's trading following the surge of geopolitical risks in the Red Sea region.

A report by Dar-Alsbaek said on Sunday that gold prices rose to USD 2062 per ounce before closing at USD 2049 in a clear indication of the concerns regarding the suspension of international navigation in the Red Sea and the Strait of Bab Al-Mandab.
It added that investors were currently looking to secure their financial positions by taking fewer risks in the stock and investments markets and investing more in the precious metals, stressing that the demand on gold increased after US and British warplanes and ships launched dozens of air strikes in Yemen last Friday.
It explained that the impact on the gold market also benefited from a possible decision to decrease the interest rates by the US Federal Reserve as early as March as well as expectations of three more cuts this year.
In the local market, it was reported that the price of a gram of 24 caliber of gold was at KD 20.4 (about USD 62), while the 22 caliber reached KD 18.7 (around USD 57), while silver closed at KD 274 (around USD 835) per kilogram. (end) smr.dss.