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gold prices
Gold prices rose by 2 percent, to close at 1857 US dollars an ounce, at the end of last Friday’s trading, with the decline in the dollar and the decline in US Treasury yields.
A specialized report issued by the Kuwaiti (Dar Al-Sabauk) company said today, Sunday, that the yellow metal recorded its first weekly gains after five consecutive weeks of losses, and increased by $ 35 an ounce compared to last week.
He added that the dollar index fell 0.2 percent, heading to record its first weekly loss since January, making the yellow metal less expensive for buyers of other currencies.
He explained that the yield on US bonds for 10 years has become below 4 percent, pointing out that attention is now turning to the testimony of the Chairman of the Federal Reserve (the US Central Bank) next Wednesday regarding the Fed’s semi-annual monetary policy report as well as the employment report for the month of February.
He explained that investors have re-evaluated the Federal Reserve’s monetary policy expectations in light of recent comments from central bank officials and saw that the US central bank is in a position to stop raising interest rates sometime this summer.
As for the local market, the (Dar Al-Sabaek) report stated that the price of a gram of 24 carat decreased to 18.40 dinars, while 22 carat reached 16.86 dinars, while the price of silver reached 254 dinars per kilogram.
It is noteworthy that the (ounce) is one of the units of measurement of mass and is used in a number of different systems of units of measurement. It is also called an ounce and is equal to 28.349 grams, while it is equal to as a unit of measurement for precious metals 31.103 grams.
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