The local market is seeing a seasonal boom last week after the inauguration of gold and silver exhibitions, Zumorroda Investment Company (Z-Invest) said in its report.
A total of 82 jewelry manufacturers and suppliers took part in the exhibitions which attracted more than 40 visitors.
The report pointed to a noticeable rally in purchase orders for silver ore last week despite the skyrocketing price which hit KD 470 a kilogram for the first time (a Kuwaiti dinar is equivalent to $3.63).
Meanwhile, the gold price rally continued on the global market to $1,569 per ounce, the report said noting, that the prices seem to have no ceiling.
It is impossible to determine resistance points to the soaring trend. The next target for the prices, $1,600 per ounce, is likely to be reached by the end of 2011.
The price rally of the silver ore goes in parallel lines with that of the gold.
The silver price settled at $49.7 per ounce last week, gaining 2.2 percent just on Friday, thus pushing the price increase to 5.5 percent in one week and 28 percent in one month.
The report predicts that the silver prices will hit $60 per ounce in the coming months as they have grown by 60 percent since the start of the year.
Regarding the gold prices, they gained $29 just on Friday, the highest one-day rise in six months, pushing the last week increase to 3.5 percent.
The report attributed to late last week increase to the press comments made by Chairman of the US Federal Reserve Ben S. Bernanke on Wednesday on keeping the intra-bank interest rates unchanged in addition to the reports on improving employment market in the United States.
The gold prices lead the rally of precious metals where platinum prices rose by $37 last week to close at $1,875 while palladium gained $17 to settle at $790 per ounce.
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