Gold Prices in Kuwait Hit Over USD1900

Gold prices in Kuwait skyrocketed to reach more than USD1,900 for one ounce for the first time in ten months, which occurred simultaneously with US data that showed a fall in inflation rates.

According to a report Dar Al-Sabaek Company which was released on Sunday, gold prices jumped to USD1,920 per ounce on Friday. In the meantime, the US consumer prices soared 6.5 percent in alignment with the predictions of inflation rates fall.

Based on the report, there are two reasons for the gold prices increase, firstly the US monetary policy that drove this increase, and secondly the increase in the Michigan index that calculates US consumer rates with benefitting from stockholders’ prospects towards the Federal Reserve System and continuation of sluggish inflation.