Gold prices back tracked by 1.9 percent to USD 2,004 per ounce in last week’s trades, to record the first weekly loss since February.

A report issued by Kuwaiti Dar Al-Sabaek indicated that the sharp decline of prices last Friday was prompted by a slight increase of the dollar, a 0.6 percent raise compared to other main currencies, as well as rise of US treasury 10-year bond revenues to more than 3.5 percent.

The precious metal concluded a six-week long series of gains, despite the decrease it touched the USD 2,005 margin midweek, a level it hadn’t reached since March 2022.

The report mentioned predictions of main central banks, namely the US Federal Reserve, loosening aggressive financial policy and interest rate hike, adding that should this happen gold prices would rise anew.

Singapore monetary authority along with other central banks of Australia, Canada, India and South Korea paused interest price hike, added the report.

American economic data, issued last Friday, showed slight decrease in retail sales, increase of consumer confidence, as well as positive outlook regarding the banking crisis. This could indicate US interest rise of 0.25 percent during upcoming meeting in May, alluding to gold prices stabilizing at current levels.

On a local scale, the 24-carat gram reached KD 19.75 and the 21-carat gram reached KD 17.28, as for silver, the price of one kilogram reached KD 295.

Source: Kuwait News Agency