Latest News
- Municipality Launches Nationwide Campaign To Regulate Advertisin...
- Union Of Petroleum Workers Calls For A May 1 Holiday For The Wor...
- MPW Prepares For Impending Rains With Proactive Measures
- Kuwait Ministry Of Health Unveils 2024 National Anti-Smoking Pro...
- The Kuwait University Council Will Discuss AI Policy Adoption
- The Customs Union Has Halted Sit-in, Waiting For Further Develop...
- Experience Scattered Rain And Thunderstorms AheadI In Kuwait
- The Ministry Simplifies The Payment Process For 'Your Fear Is Th...
- Kuwait Oil Company Explores Renewable Energy And Green Hydrogen...
- Kuwait's Model Houses Stay The Same Height
- Service Commission's Haphazard Structure Hits Public Sector Job...
- 11 Establishments Were Closed Down For Violating Industrial Laws
Prices Of Gold Surge To $2,082 Per Ounce
Gold prices surged to an unprecedented height of $2,082 per ounce by the conclusion of last week’s trading, buoyed by a decrease in US bond yields and the weakening exchange rate of the US dollar against other major currencies.
According to a specialized report released today by the Kuwaiti firm “Dar Al-Sabaek,” ongoing American economic indicators pointed towards a downturn in the manufacturing sector throughout February, reports Al-Jarida daily.
Additionally, the report highlighted a 2.7 percent dip in the “consumer confidence” index, which fell to 76.9 points from January’s 79 points, fostering a climate of investor pessimism. Consequently, investors turned towards gold as a safer haven amidst the perceived risks in the American market.
Further insights from the report indicated a decline in the inflation rate, reaching its lowest level in nearly three years, with the US Federal Reserve signaling intentions to cut interest rates later in the year.
Futures contracts for gold (April delivery) recorded a consecutive 2 percent increase, surging to $2,095 per ounce, setting a new milestone unprecedented in the precious metals market.
The report emphasized the significance of upcoming economic data releases, notably the semi-annual monetary policy reports from the US Central Bank and pivotal decisions on interest rates within the European Union, expected to impact gold prices in the current week.
Trending News
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Ministry Announces Separate Time For Amnesty Seeke...
21 April 2024
-
Work Permits Will Be Issued For One Year Under The...
27 April 2024
-
3 Expats Caught In Salmiya With 213 Bottles Of Loc...
23 April 2024
-
Thief Returns Stolen Money With An Apology Letter...
15 April 2024
-
The Ministry Connects With Violators Of Residency...
23 April 2024
Comments Post Comment