KUWAIT CITY, Nov 30: The price of gold rose to $4,218 per ounce at the end of trading last week, supported by expectations that the US Federal Reserve will cut interest rates in December, reports Al-Seyassah daily. According to a report issued by the Kuwaiti firm, Dar Al-Sabaek, on Sunday, the price of 24-karat gold reached KD 41.5 per gram (approximately $127), while 22-karat gold reached KD 38 per gram (around $116). A kilogram of silver was priced at KD 610 (about $ 1,995).

An ounce is a unit for measuring mass equal to 28.349 grams. As a unit of measurement for precious metals, an ounce is equivalent to 31.103 grams. The report stated that the limited economic data released last week did not prevent gold price from rising by more than one percent amid expectations that the US monetary easing cycle will continue. Inflation data showed a significant slowdown in producer prices, while the labor market continues to demonstrate resilience despite some early signs of weakness.

The report added that gold contracts for delivery in February 2026 continued their gains, supported by expectations of an interest rate cut, closing at $4,254 per ounce last Friday, marking a 3.3 percent weekly increase. It indicated that higher prices have limited Asian demand, particularly in India, in addition to a decline in demand in China, following the cancellation of tax breaks. It revealed that gold achieved strong gains as investors awaited the release of delayed US economic data this week. The delayed indicators include personal consumption expenditures (PCE) price indices, industrial production figures, labor market data, purchasing managers’ indices (PMIs), and consumer confidence figures. International data from China, Canada, Europe, Brazil and Australia will also be released, along with India’s interest rate decision. It states that analysts at several European banks have raised their gold price target to $4,500 per ounce by mid-2026, with the possibility of reaching $4,900 per ounce if financial and political risks escalate.

This forecast is based on continuous central bank purchases, which could reach 950 tons this year, as well as 222 tons of inflows into exchange-traded funds (ETFs), and strong demand for bullion and coins expected to exceed 300 tons. It also pointed out that geopolitical de-escalation efforts between Russia and Ukraine are ongoing, with indications of a US push toward initial negotiations. It cited Russian statements expressing conditional willingness to engage in dialogue, which could create some relative easing of tension and limit gold’s gains in the coming days despite the ongoing tensions and the absence of a decisive resolution.