KUWAIT CITY, Nov 30: Gold prices rose to USD 4,218 per ounce at the close of last week’s trading, supported by expectations that the US Federal Reserve will cut interest rates in December, according to a report issued Sunday by Kuwaiti company Dar Al-Sabaik.

The report noted that limited economic data released last week did not prevent gold from gaining more than 1 percent, amid strong anticipation of a continued US monetary easing cycle. Producer inflation data showed a slowdown, while the labor market remained robust despite early signs of weakness.

Gold futures for February delivery continued their gains, closing Friday at USD 4,254 per ounce, registering a weekly increase of 3.3 percent. Higher prices have restrained Asian demand, particularly in India, while Chinese demand declined following the cancellation of tax breaks.

Dar Al-Sabaik highlighted that investors are awaiting delayed US data, including personal consumption expenditures (PCE) price indices, industrial production figures, labor market data, purchasing managers’ indices (PMIs), and consumer confidence indicators, along with international economic data from China, Canada, Europe, Brazil, and Australia. India’s interest rate decision is also expected to influence global gold markets.

Analysts at some European banks have raised their gold price targets to $4,500 per ounce by mid-2026, with the possibility of reaching $4,900 per ounce if financial and political risks escalate. The projections are supported by continued central bank purchases, estimated at 950 tons this year, exchange-traded fund (ETF) inflows of 222 tons, and strong demand for bullion and coins exceeding 300 tons.

The report also pointed to ongoing geopolitical developments, noting efforts to de-escalate tensions between Russia and Ukraine. While US-led negotiations and Russia’s conditional willingness to engage may ease some uncertainty, tensions remain unresolved, potentially limiting gold’s short-term gains.

In the local market, the price of a gram of 24-karat gold reached 41.5 Kuwaiti dinars (approximately USD 127), while 22-karat gold traded at about 38 dinars (approximately USD 116). A kilogram of silver was priced at 610 dinars (approximately USD 1,995).

The report clarified that the ounce, also known as the troy ounce, is a unit of mass equal to 31.103 grams for precious metals.