Gold keeps gains for 3rd straight week

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KUWAIT CITY, Jan 24: Gold retained its gains for the third consecutive week at USD 1.832 per ounce, as the US dollar and value of US short-term bonds declined, said a gold expert Monday. In a statement to KUNA, CEO of Kuwait Sabayik Company Rajab Hamed said that gold reached new levels last week and hit USD 1.840 per ounce. He added that the yellow metal maintained its gains since the beginning of 2022 above 1.800, reaching weekly high levels due to many factors that contributed to its rise.

These factors included the decrease in the risk appetite among traders and speculators in global stock exchange, and their orientation towards investing in safe havens. Regarding the technical analysis of gold trading last week, Hamed explained that it started at USD 1.835 and 1.845 per ounce. As for the local market, selling and buying operations were on high demands, with the kilogram of gold reaching KWD 18.000 (USD 59.000) for the first time, while the price of the 21 carat reached KD 15.5 (USD 51), due to the recognition of investors of the importance of trading in gold to make extra profits. (KUNA)

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