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Gold price rises to $1,319/ounce

KUWAIT CITY, April 13, (KUNA): The week gold trades ended with the price at $1,319 per ounce, $20 higher as compared to the opening rate, according to a report by Sabayik Al-Kuwait a precious metals trading company. Bullish trend of the gold prices came contrary to analysts’ forecast, particularly after the precious yellow metal broke the psychological barrier of $1,300 per ounce, amid contradictory reports about forthcoming measures by the US Federal Reserves as to shoring up the economy.

Current conditions in the euro came in favor of the gold, re-luring liquidity, with investors’ desire to heighten earnings after losing confidence in the international markets. The report forecast continuous bullish trend by the gold in the near future due to bearish trend of the US dollar vis a vis the other major hard currencies, thus it may settle at $1,350 per ounce next week. As to silver, the rate settled at $20.2 per ounce. Other precious metals followed the gold suit keeping rates upwards.

 

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