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Gold prices witness ‘upward trend,’ says Kuwait expert

KUWAIT CITY, Dec 8, (KUNA): A marketing expert specializing in precious metals said on Sunday that gold prices in the medium and long terms have witnessed an upward trend, noting that the current fluctuating prices represent bottom prices compared to the prices of the first and second quarter of the new year. Sabaek Al-Kuwait Executive Director Rajab Hamid told Kuwait News Agency (KUNA) gold has witnessed staggered prices at the end of last week with the release of the data of the US labor market, falling to the lowest level to $1,210 per ounce.

Hamid added that these prices came as a natural reaction to the positive data, saying that this has reflected on the unemployment which slipped to seven percent, the lowest level in years, as well as job creation which also jumped to reach 203,000 jobs. He pointed out that expectations were flowing at 180,000 jobs and close to last month’s data, but the return of gold prices to rise with the end of the trading shocked the market, pushing the gold to jump to $1,244 per ounce by impact of purchasing power. On the expectations of the next period for gold and other precious metals, Hamid said that expectation may be difficult to analysts due to the conflicting views on when the policy of quantitative easing relied upon by the ounce of gold in the previous years would be reduced or eliminated.

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