The price of gold closed at an increase at the level of $2049 per ounce at the end of last week’s trading, following the increase in geopolitical risks in the Red Sea region.
A specialized report by the Kuwaiti Dar Al-Sabaek Company, issued yesterday, said that gold prices rose before the end of trading to the level of $2,062 per ounce before closing at $2,049, in a clear indication of the rise in tensions and fears resulting from the suspension of international navigation in the Red Sea and the Bab al-Mandab Strait, “what made gold It is a safe haven for many investors around the world.”
He added that investors are currently looking to secure their financial positions by reducing risk appetite in stock and bond markets and investing more in precious metals markets, stressing that an increase in gold demand was observed after American and British warplanes and ships launched “dozens of air strikes in Yemen on the day.” Last Friday.”
He explained that the gold market also benefited from the growing expectations regarding the decision of the US Federal Reserve (the central bank) to reduce interest rates early next March, with expectations of three US interest rate cuts this year.
He stated that expectations of an interest rate cut also affected the yield of US bonds (for a period of 10 years) to less than 4 percent, while yields on bonds (for a period of two years) fell to their lowest level in 8 months, “which had a positive impact on gold prices.”
The report said that gold futures contracts (for delivery in February 2024) rose by 1.6 percent to reach $2,051 per ounce, with weekly gains of 1 percent, indicating continued demand for the yellow metal in light of the geopolitical developments the world is witnessing.
Regarding the local market, he reported that the price of a gram of 24 karat was 20.4 dinars ($62), while that of 22 karat was 18.7 dinars ($57), while silver closed at 274 dinars ($835) per kilogram.
It is noteworthy that the ounce is one of the units of measurement for mass, and is used in a number of different systems of measurement units. It is also called the ounce and is equal to 28.349 grams, while as a unit of measurement for precious metals it is equal to 31.103 grams.
2024-01-14 15:37:00
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