Gold price falls to USD 1,191 per ounce

December 7, 2014

KUWAIT (Dec 7)  The gold ended last week trading at USD 1,191 per ounce driven by a better-than-expected US jobs data, a specialized report stated Sunday.

The report, by Sabaek Al-Kuwait Company for Precious Metals, stated that development of job market in the US, the world's largest economy, negatively impacted the gold market.

It noted that the U.S. economy managed to add 321,000 new jobs last month, the strongest pace of employment in nearly three years.

The data, which beat forecasts of a 230,000 increase, puts 2014 on track for the best year of job creation since 1999.

The jobs report has also pushed the US currency up to record its highest value since 2009.

Silver followed gold lower, the Sabaek report stated that sliver price have nosedived to USD 16.28 per ounce at the end of the week. Meanwhile, platinum went up USD 14 per ounce to close at USD 1,224 per ounce. But palladium diminished by USD 3 per ounce to reach USD 804 per ounce.

About the local market performance, the report stated that it has experienced a remkable increase in purchasing operations as clients tried to make the best use of the drastic drop in prices. It noted that 24-carat gold is sold at KD 11.26 per gram on the local market. (end) smr.ibi

Source:  KuwaitNews

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