Gold price hits $1,287 | kuwaittimes

Gold price hits $1,287

April 13, 2017 | 08:25 p.m EDT

KUWAIT: The price of gold had made a considerable hike to $1,287 per ounce due to geopolitical tensions which swept the world in the last sixth months, said a precious metals expert yesterday. CEO of Sabaek Al-Kuwait Company for Precious Metals Rajab Hamed said that investors were pushed to purchase gold, which is considered as a valuable commodity during tenuous times.

Recent statements by US President Donald Trump regarding the strong value of the US Dollar and the importance of keeping the currency at low interest rates had made investors race towards gold, said Hamed. The price will vary due to the ongoing geopolitical tensions connected with the US and North Korea in addition to Washington's handling of the Syrian file, said the expert, adding that the price of gold might go down if investors decided to gain profits. The low rate of the US Dollar also played a part in the gold price hike, Hamed affirmed.

April 13, 2017 08:25 PM

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