GOLD PRICES SURGED IN KUWAIT, SALES ALSO INCREASED

  • 24/10/2022

Kuwait City: Gold prices have soared in the country. Last Friday, gold prices rose 1 percent to $1,658 an ounce. Gold prices are rising amid expectations that US interest rate hikes will come down sharply in the coming period. A report from the Kuwaiti Sabaiq Company showed that gold prices rose from their monthly lows to around $1,617 an ounce.


U.S. Treasury bond yields fell on news of interest rate hikes, which put more pressure on the U.S. economy. The US Federal Reserve is expected to raise interest rates by 75 basis points for the fourth time in a row at its next November meeting. Gold received price support last week from a fall in the US dollar following reports of Japanese authorities' intervention to support the yen in addition to falling yields from higher levels of US Treasury bonds, the report said.

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